DENVER, CO – June 22, 2023: Mission Hill Hospitality, a leading select service and extended stay hotel investor, announced it has acquired two new hotel assets in a single transaction as it continues to expand its portfolio throughout targeted markets in the US. The deal includes the Residence Inn Tuscaloosa, a 111-key hotel in Tuscaloosa, AL, and the 103-key Home2 Suites by Hilton in Blacksburg, VA. Terms are undisclosed.
These are the 28th and 29th properties added to the Mission Hill Hospitality portfolio since the company was launched in March 2021. It is Mission Hill’s first acquisition in Alabama and its second in Virginia.
“The opportunity to acquire these two well-located assets aligns with our strategy to invest in core branded, select service hotels in stable and growing markets, especially those driven by higher education,” said Mike Wilbert, Managing Director, Mission Hill Hospitality. “Both the University of Alabama in Tuscaloosa and Virginia Tech in Blacksburg continue to be significant contributors to the growth and development of both cities and generate substantial demand for extended stay hotels.”
The Residence Inn Tuscaloosa is located along the banks of the Black Warrior River, a short drive from downtown and the University of Alabama. Nearby attractions include Bryant-Denny Stadium, the home field of the Alabama Crimson Tide football team, and the Tuscaloosa Amphitheater. The hotel is less than a mile away from the University’s Bryce Campus, a large extension set to receive additional investment. The UMC Northport Medical Center, the third largest family medicine residency program in the U.S., is located within a 10-minute drive from the hotel. The property is conveniently located less than 10 miles from the Tuscaloosa National Airport, which completed an $11 million runway project in 2021 in anticipation of increased service.
Home2Suites by Hilton in Blacksburg, Virginia is nestled in the scenic New River Valley, surrounded by the Blue Ridge and Alleghany Mountains. The vibrant town of Blacksburg offers an abundance of attractions and activities for visitors to enjoy. At its core lies Virginia Tech, a renowned public research university with over 38,000 students, with plans to support its continued growth.
In addition to the university’s campus, and the bustling downtown Blacksburg, visitors can explore nearby attractions such as Cascade Falls, Hahn Horticulture Garden, Heritage Park, Smithfield Plantation, Lyric Theater and the Virginia Museum of Natural History. Blacksburg. Lane Stadium, home to the Virginia Tech Hokies football team, is only a mile away from the Home2 property. Roanoke-Blacksburg Regional Airport is just under 40 miles from the hotel.
