Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Home2 Suites by Hilton Gainesville, a 95-room, select-service, all-suite hotel near the University of Florida in Gainesville.
The HFF team represented seller, Impact Properties. Memphis-based McNeill Hotel Investors (“McNeill”) purchased the asset free and clear of existing debt in an off-market transaction.
Home2 Suites by Hilton Gainesville was completed in 2016 and features complimentary breakfast, 1,224 square feet of meeting space, fitness room, outdoor pool, two lobby workstation computers and a 24-hour pantry market. The hotel is at 2115 SW 13th Street near the 2,000-acre University of Florida, which is the ninth largest public university in the country. It is also less than one mile from The Health Sciences Center Gainesville, which encompasses six health colleges, six research institutes, two specialty hospitals and a teaching hospital. Additionally, Home2 Suites by Hilton Gainesville is three miles from the one-million-square-foot Butler Plaza, the largest retail power center in Florida.
The HFF investment advisory team included senior managing director Michael Weinberg and director Preston Reid.
“Impact Properties was not necessarily looking to sell this asset, but we were able to present an off-market offer to them from a highly credible buyer in McNeill,” Weinberg said. “It was a real pleasure to work with both the seller and the buyer throughout the process.”
“Newer-vintage Home2 Suites by Hiltons continue to attract significant investor interest across the country,” Reid added. “The proximity to University of Florida and the medical cluster, Gainesville’s top demand generators, made this investment a dual threat.”
“This recently built property is an excellent strategic fit for our growing hotel portfolio,” McNeill CEO Phillip McNeill Jr. said. “We have great operational experience with the Home2 Suites brand and extended-stay properties overall, as they now comprise more than half of our existing portfolio of hotels.”
“Gainesville has many favorable long-term demand drivers, including the close by Health Sciences Center Gainesville and the University of Florida,” McNeill President and COO Mark Ricketts added. “We look forward to becoming a part of the fabric of this community as People Serving People.”
About Impact Properties
Impact Properties is a full-service investment, operating and development company. Originally founded in 1981, Impact has built an extensive track record with over 30 years of experience in the hospitality and franchise industry. Impact’s humble beginnings started off with a focus on independent and economy branded hotels in growing markets across the state of Florida. Today Impact has expanded into the mid-scale and upscale product segment in high barrier to entry locations across the state, acquiring and developing over $200 million of hotels in the process in the past 10 years. For more information, visit http://www.impact-properties.com.
About McNeill Hotel Investors
Headquartered in Germantown, Tennessee, McNeill Hotel Investors is built on a foundation of trust, pursuit of excellence and a philosophy of “People Serving People.” The firm focuses on select-service hotels with a growth strategy based on a mix of new hotel development, meaningful acquisitions and third party management agreements. The company is an approved franchisee for both Marriott and Hilton. Phillip McNeill Jr. and Mark Ricketts, the company's principals, are second generation hoteliers with over 60 years of combined institutional experience in the hotel industry, encompassing nearly every discipline of the business. For more information, visitwww.mcneillhotels.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.