Acquisitions & Hotel Openings

Lingerfelt CommonWealth Acquires Hilton Dual-Branded Hotel in Downtown Jacksonville, Florida

RICHMOND, VA. March 2, 2017 - Lingerfelt CommonWealth Realty Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of a stabilized dual-branded Hilton Garden Inn | Homewood Suites hotel in downtown Jacksonville, Florida.

The premium branded select-service and extended-stay hotel was constructed in 2009 and is comprised of a 123 guestroom Hilton Garden Inn and a 98 suite Homewood Suites. Commonwealth Lodging Management, the company's hotel management affiliate, will operate the hotel.

More on the company can be found on the web at www.LingerfeltCommonWealth.com.

Any discussion of investments is provided for informational purposes only and should not be deemed as a recommendation, solicitation or offer to invest in any Lingerfelt Commonwealth product.

About Lingerfelt Commonwealth Partners

Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices in Charlotte, NC, Greensboro, NC, Greenville, SC, Hampton Roads, VA, Jacksonville, FL, Nashville TN, Raleigh, NC, Reading, PA, and Tampa, FL. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion of commercial properties across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com

Contact:
Kenneth S. Strickler
kstrickler@lingerfeltcommonwealth.com
804-433-1809

Coming Up In The September Online Hotel Business Review




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Feature Focus
Hotel Group Meetings: Blue Skies Ahead
After a decade of sacrifice and struggle, it seems that hotels and meeting planners have every reason to be optimistic about the group meeting business going forward. By every industry benchmark and measure, 2017 is shaping up to be a record year, which means more meetings in more locations for more attendees. And though no one in the industry is complaining about this rosy outlook, the strong demand is increasing competition among meeting planners across the board – for the most desirable locations, for the best hotels, for the most creative experiences, for the most talented chefs, and for the best technology available. Because of this robust demand, hotels are in the driver’s seat and they are flexing their collective muscles. Even though over 100,000 new rooms were added last year, hotel rates are expected to rise by a minimum of 4.0%, and they are also charging fees on amenities that were often gratis in the past. In addition, hotels are offering shorter lead times on booking commitments, forcing planners to sign contracts earlier than in past years. Planners are having to work more quickly and to commit farther in advance to secure key properties. Planners are also having to meet increased attendee expectations. They no longer are content with a trade show and a few dinners; they want an experience. Planners need to find ways to create a meaningful experience to ensure that attendees walk away with an impactful memory. This kind of experiential learning can generate a deeper emotional connection, which can ultimately result in increased brand recognition, client retention, and incremental sales. The September Hotel Business Review will examine issues relevant to group business and will report on what some hotels are doing to promote this sector of their operations.