Nai Global Arranges $20+mil in Acquisitions for Homecourt
Entry into Hotel Sector
PRINCETON, NJ, December 7, 2006. NAI Global Hotels recently represented Homecourt Hospitality LLC in the acquisition of two hotels totaling over $20 million.
Homecourt Hospitality LLC acquired the Courtyard Winston-Salem at 1600 Westbrook Plaza Drive in Winston-Salem, North Carolina, from Winston Hotels Inc. The four-story, 123-room hotel has recently undergone an extensive renovation totaling over $1 million and Homecourt has additional renovation plans. The hotel will now be managed by McKibbon Hotel Management. Josh Williams, Regional Vice President of NAI Global Hotels, brokered the deal.
Williams also arranged Homecourt's acquisition of the Hilton Garden Inn at 1575 Fording Island Road in Hilton Head, South Carolina, from Soleil-Group. The triple-diamond rated, 104-room hotel is five years old and located in a high barrier-to-entry market. Renovations are slated to be completed by February 2007. Premier Hospitality Group has been signed to manage the property.
These two acquisitions are the first of several planned by Homecourt, a newly formed hotel ownership group making its initial foray into the hotel market. Homecourt is targeting high quality select-service hotel acquisitions, and plans to acquire over $80 million in hotel assets.
"NAI Global Hotels was pleased to identify these quality assets to launch Homecourt Hospitality's entry into the hotel market," stated Williams. "The previous owners have done an excellent job in creating value for their assets. The brand, location, quality and long-term growth potential made these properties very desirable acquisitions."
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