HFF closes sale of DoubleTree by Hilton hotel in downtown Little Rock, Arkansas
BOSTON, MA - HFF announced today that it has closed the sale of the 288-key DoubleTree by Hilton Downtown Little Rock hotel in Little Rock, Arkansas.
HFF marketed the property on behalf of the seller, a joint venture between Trinity Hotel Investors L.L.C. and BayNorth Capital LLC. An affiliate of New York-based Fifth Avenue Capital, LLC and the Waterford Hotel Group of Connecticut purchased the offering free and clear of debt.
The full-service DoubleTree by Hilton Downtown Little Rock is located at 424 West Markham Street in the northern part of downtown Little Rock and is attached to the Robinson Center Music Hall, Little Rock's premier performing arts venue, which is undergoing a $68.6 million reconstruction. The hotel is within walking distance to the River Market Entertainment District, approximately one mile to both the William J. Clinton Presidential Center and Library and Highway 167, and less than a mile and a half from the Arkansas State Capitol. The 14-story hotel has completed more than $10 million in capital expenditures in recent years and features the Plaza Grille and Lounge, a business center, swimming pool, fitness center and 12,000 square feet of meeting space.
The HFF investment sales team representing the seller was led by managing directors Denny Meikleham and John Bourret and director Alan Suzuki.
“The DoubleTree Little Rock transaction represented a fantastic opportunity for potential buyers to acquire a well-located, DoubleTree-branded hotel, with strong in-place cash flow and tremendous upside potential following the reconstruction of the Robinson Center Music Hall,” Meikleham said.
Trinity Hotel Investors L.L.C. is a global hotel real estate investment company based in New York. The company's principals average more than 30 years of experience in hotel- and resort-focused real estate and have consummated more than $8.7 billion (USD) worth of global real estate investment and advisory assignments. Together with its predecessor companies, Trinity Hotel Investors has acquired more than 100 hotels and resorts located in the U.S., U.K., Europe and Asia. The company's singular purpose is investing in and enhancing the value of hotel real estate. Learn more at www.trinityhotels.com.
BayNorth Capital LLC is a real estate investment firm with a seasoned team of real estate professionals focused on value-add equity and mezzanine debt investments principally in higher quality primary and secondary markets in the United States. Based in Boston, the firm was formed in 2004 as a spin out of the real estate investment group from Charlesbank Capital Partners, LLC, which had previously spun out from Harvard Private Capital. To date, the BayNorth team has invested approximately $2.6 billion of equity capital over seven distinct funds. For more information, visit www.baynorthcapital.com.
Fifth Avenue Capital is a private equity investment vehicle managed by principals of New York-based Pearson Partners. Fifth Avenue Capital, led by Paul and David Pearson, has completed over $700 million in value-add and core-plus acquisitions throughout the United States.
Waterford Hotel Group is one of the nation's leading hotel and convention center management companies. The company operates 28 properties in eight states, representing nearly 3,700 total rooms and 700,000 square feet of meeting and convention space.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national 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.
Contacts:
DENNY MEIKLEHAM
HFF Managing Director
(617) 338-0990
[email protected]
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