May 24, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a two-property select-service hotel portfolio totaling 228 rooms in the affluent Las Vegas suburb of Henderson, Nevada.
The Henderson portfolio comprises two, adjacent four-story hotels, the 120-room SpringHill Suites Henderson, located at 1481 Paseo Verde Parkway, and the 108-room TownePlace Suites Henderson, located at 1471 Paseo Verde Parkway. Both hotels opened in 2009 and were renovated in 2016 as part of a comprehensive property improvement plan. SpringHill Suites features a fitness center, business center, breakfast and lounge area, indoor pool, whirlpool and meeting space. TownePlace Suites features a fitness center, business center and breakfast and lounge area along with a new outdoor pool, whirlpool, barbeque and lounge area. The hotels are located along Interstate 215 in Henderson, the second-largest city in Nevada, providing convenient access to a diverse set of local corporate, government and transit-demand drivers. The portfolio also benefits from its proximity to the famed Las Vegas Strip (14 miles) and McCarran International Airport (10 miles).
The HFF investment advisory team representing the seller consisted of managing directors Scott Hall and Jules Sherwood.
“This sale highlights the significant institutional investor interest in and around Las Vegas,” Hall said. “The underlying fundamentals for the market are exceptionally strong and should support outpaced RevPAR growth relative to other major MSAs across the country.”