November 30, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and the acquisition financing placement for a 13-property portfolio of Courtyard by Marriott hotels totaling 1,913 rooms in Alabama, Arkansas, Arizona, Florida, Illinois, Kentucky, Ohio, Oklahoma and Virginia.
The HFF team marketed the properties on behalf of the seller, Clarion Partners, LLC. Canada-based Skyline Investments purchased the portfolio unencumbered of the existing management contract and with a new 20-year Marriott franchise agreement. Additionally, working on behalf of the new owner, the HFF team placed the five-year, floating-rate loan with a global investment bank.
The portfolio properties are located in Midwest, Southeast and Southwest markets: Birmingham and Huntsville, Alabama; Little Rock, Arkansas; Tucson, Arizona; Fort Myers, Florida; Chicago, Illinois; Lexington, Kentucky; Dayton and Toledo, Ohio; Oklahoma City, Oklahoma; and northern Virginia. The properties were completed between 1985 and 1989 and feature a variety of amenities, including an outdoor or indoor swimming pool, 24-hour business center, on-site bistro, fitness center, meeting space, sundry shop, shuttle service and lobby theater with lounge seating.
The HFF investment advisory team representing the seller included senior managing director and head of HFF’s hotel group Daniel C. Peek, managing director John Bourret and director Austin Brooks along with managing director Marty O’Connell, a licensed Kentucky real estate broker.