AD1 Global acquires five-hotel portfolio for $92.5m
AD1 Global paid $92.5m for a five-hotel portfolio. Totaling 758 rooms, the properties include the Fairfield Inn & Suites by Marriott Orlando Lake Buena Vista, Fairfield Inn by Marriott Orlando Airport, DoubleTree by Hilton Atlanta North Druid Hills, Hampton Inn Atlanta – North Druid Hills and the Courtyard by Marriott Charlotte Gastonia. The seller, Lingerfelt Commonwealth, paid $68.5m for the properties in January 2015 and invested an additional $8.5m in the assets over the past three years.
“We initially identified this portfolio of hotels as an opportunity to acquire well-maintained assets, below replacement cost with great brands in strong markets that we believed were likely to benefit from continued long-term growth,” said J. Ryan Lingerfelt, president and chief investment officer of Lingerfelt Commonwealth. “This is an opportune time to sell this portfolio, and we are excited to deliver exceptional value to our investors.”