HKB Hotel Group has acquired a portfolio of six Hyatt Place-branded hotels totaling 754 keys for $55 million.
JLL’s Hotels & Hospitality Group worked on behalf of Argentic Services Company, a special servicer for the undisclosed seller’s two commercial mortgage-backed securities trusts, according to a news release. The properties were unencumbered by management and have long-term Hyatt Hotels Corp. franchise agreements. ThornOak capital advised HKB Hotel Group, a Brookhaven, Georgia-based ownership company.
According to data from CoStar, the seller was Phoenix American Hospitality, a Dallas, Texas-based hotel fund manager. The company acquired the same portfolio of Hyatt Place hotels in 2017 from Noble Investment Group for $80.25 million.
The portfolio includes:
- the Hyatt Place Atlanta Alpharetta North Point Mall, Alpharetta, Georgia.
- the Hyatt Place Charlotte Arrowood, Charlotte, North Carolina.
- the Hyatt Place Dallas Park Central, Dallas, Texas.
- the Hyatt Place Greenville Haywood, Greenville, South Carolina.
- the Hyatt Place Roanoke Airport Valley View Mall, Roanoke, Virginia.
- the Hyatt Place Topeka, Topeka, Kansas.
The hotels were each built between 1995 and 1997. The hotel in Alpharetta, Georgia, has 124 rooms while the remainder of hotels in the portfolio have 126.