HFF closes on sale of SpringHill Suites hotel in Gainesville, Florida
TAMPA, FL – March 15, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of SpringHill Suites Gainesville, a 126-room, select-service, Marriott-branded all-suite hotel in the central Florida community of Gainesville.
HFF marketed the property on behalf of the seller, a partnership between Whitman Peterson and Sage Hospitality. Scarlett Hotel Group purchased the asset free and clear of debt.
SpringHill Suites Gainesville is a Florida Green Lodging-certified property that was the recipient of a 2016 TripAdvisor Certificate of Excellence. Completed in 2007, the hotel underwent significant renovations in 2015 that upgraded the guestrooms and public spaces. The four-story hotel features an outdoor pool, 600 square feet of meeting space, fitness center and complimentary hot breakfast. Situated on 2.4 acres at 4155 Southwest 40th Boulevard, SpringHill Suites Gainesville is located just off Interstate 75 and Archer Road at the “front door” to the University of Florida and downtown Gainesville, which are northeast of the property. Additionally, the hotel is in the heart of Gainesville’s busiest retail corridor and near two major projects currently underway, the 225-acre mixed-use Celebration Pointe and the one million-square-foot doubling of Butler Plaza, Florida’s largest power center.
The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, senior managing director Michael Weinberg and associate director Preston Reid.
“The SpringHill Suites Gainesville received a tremendous amount of interest from the investment community, highlighting the desirability of owning a premium-branded, select-service hotel in a dynamic university market like Gainesville,” Reid said.
About Whitman Peterson
Whitman Peterson is an institutional real estate investment management company actively investing in the lodging, multifamily, and seniors housing sectors. Since 2010, the firm has invested in more than 125 acquisition and development projects, which span 30+ markets and have an aggregate capitalization of approximately $5 billion. Over the past four years, Whitman Peterson has invested in the acquisition, repositioning, or development of 30 hotels and is actively pursuing additional acquisition and development opportunities nationally. To learn more about Whitman Peterson, visit WhitmanPeterson.com.
About Sage Hospitality
Denver-based Sage Hospitality was founded in 1984 and since continues to lead the hospitality industry in hotel and restaurant management as well as real estate investment. Sage is known for outstanding relationships with hotel brands and creating places that people want to go to, not through, including 10 unique restaurant concepts by Sage Restaurant Group and independent luxury properties by Sage Hotels. To learn more about Sage, visit sagehospitality.com.
About Scarlett Hotel Group
The Scarlett Hotel Group offers a fresh new approach to hospitality management. Drawing upon decades of experience in leadership, management, and development, Scarlett Hotel Group focuses on emphasizing the team member experience first and foremost. By being completely focused on the needs of the team members, this translates into first class customer service, which in turn grows profitability organically. The founders of SHG are well respected within the hotel industry and pride themselves on this esteemed reputation.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is 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 sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.