GREENVILLE, SC-The 120-room Hilton Garden Inn here was sold to the Summit Hotel Group for $127,000 per key or approximately $15.24 million.
The deal was announced by Hunter Hotel Advisors, which represented the seller Deean Hospitality in the sale of the four-year-old, six-story property.
“The seller came to us because they wanted to run an efficient process. We were able to bring the property to market and complete the transaction in just five months,” says Teague Hunter, president of Hunter Hotel Advisors. “We marketed the hotel to well capitalized buyers with whom we have very strong relationships. Like most of our transactions today, the process was completed quickly and quietly.”
Hunter brokers involved in the transaction included Hunter and Trey Scott, vice president of Hunter Hotel Advisors.
“The hotel's location and strong cash flow made this an attractive investment for Summit,” Scott adds. “They outbid three strong competitors.”
Company officials state that Hunter has closed 22 transactions thus far in 2013. The firm has close to 100 hotels on the market totaling close to $1 billion in value, with six additional hotel sales scheduled to close by the end of May.
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