HFF announces sale of 2-property select-service hotel portfolio near Las Vegas
LAS VEGAS, NV – May 24, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a two-property select-service hotel portfolio totaling 228 rooms in the affluent Las Vegas suburb of Henderson, Nevada.
The HFF team arranged the sale on behalf of the seller, a joint venture of Brickstar Capital and Solana Company. Twenty Four Seven Hotels managed the hotels for the seller.
The Henderson portfolio comprises two, adjacent four-story hotels, the 120-room SpringHill Suites Henderson, located at 1481 Paseo Verde Parkway, and the 108-room TownePlace Suites Henderson, located at 1471 Paseo Verde Parkway. Both hotels opened in 2009 and were renovated in 2016 as part of a comprehensive property improvement plan. SpringHill Suites features a fitness center, business center, breakfast and lounge area, indoor pool, whirlpool and meeting space. TownePlace Suites features a fitness center, business center and breakfast and lounge area along with a new outdoor pool, whirlpool, barbeque and lounge area. The hotels are located along Interstate 215 in Henderson, the second-largest city in Nevada, providing convenient access to a diverse set of local corporate, government and transit-demand drivers. The portfolio also benefits from its proximity to the famed Las Vegas Strip (14 miles) and McCarran International Airport (10 miles).
The HFF investment advisory team representing the seller consisted of managing directors Scott Hall and Jules Sherwood.
“This sale highlights the significant institutional investor interest in and around Las Vegas,” Hall said. “The underlying fundamentals for the market are exceptionally strong and should support outpaced RevPAR growth relative to other major MSAs across the country.”
About Brickstar Capital, LLC
Brickstar Capital, LLC ("Brickstar") is a private investment company that focuses on the acquisition and debt placement of value-add properties in well-located areas on the West Coast. Although Brickstar is primarily focused on service-oriented retail centers and creative office, Brickstar does not shy away from any asset type with its diverse portfolio of retail, hospitality, multi-family, office, industrial and land in Southern California and Nevada. Brickstar seeks to acquire either income producing assets with a strong value-add component or opportunistic assets with high vacancies. Learn more at brickstarcapital.com.
About Solana Company
Solana Company specializes in the evaluation, acquisition and asset management of commercial real estate throughout the United States on behalf of its investment partners and clients. Solana Company originates and manages direct investments in senior living properties and hotels, via Carefield Senior Living and Solana Hospitality. The company also provides a range of consulting and asset management services for its real estate investment clients through Solana Advisors. For more information, visit solanacompany.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.