ATLANTA – March 10, 2015 – Hotel Assets Group, LLC (Hotel AG), announced today the firm transacted on a full-service hotel located in Savannah, Georgia.
The hotel sold was the 127-room, 5-story Holiday Inn located within the historic district of downtown Savannah. The property sold for $28M or $220k per room to Key International. The seller represented was Historic Savannah, LLC.
“This transaction is another representation of the continued interest in and strength of the Savannah transaction market. Savannah continues to show significant performance growth and sustainability making it a highly desirable market to be in,” stated Brad Sinclair, partner of Hotel AG.
Tom Huegel, also a partner with the firm, commented, “This was a very selective transaction where we were able to match a buyer that wanted a presence in the Savannah Historic District with a seller that saw an opportunity to capitalize on the strong market conditions, but did not want to expose themselves and the property to the usual marketing efforts involved in a traditional brokerage process.”
