December 27, 2016 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, represented leading investment firm, Rockbridge in the recently closed sale of a hotel portfolio which includes both the Le Méridien Atlanta Perimeter in Atlanta GA and the Marriott Louisville East in Louisville KY.
President Mark Elliott, Managing Director Pete Dannemiller, and Director Michael DiPrima advised on the transaction and brokered the deal on behalf of the seller, Rockbridge. The portfolio was acquired by a private equity firm based in the Northeast along with Schulte Hospitality Group based out of Louisville. Schulte will also operate the hotel going forward.
Both assets are considered “best in class” in their respective submarkets and have undergone significant capital improvement plans over the last few years. The 275-room Le Méridien Atlanta Perimeter, located at 111 Perimeter Center West Atlanta, underwent a 12-month, $20 million renovation that was completed in 2013. The 252-room Marriott Louisville East, located at 1903 Embassy Square Blvd and formerly known as the Park Inn hotel, received an 18-month, $30 million total refurbishment that was completed in 2012.
“Investors continue to have a strong appetite for high quality hotel assets,” said Mr. Dannemiller. “The two hotels in this portfolio boast great locations in strong markets for both business and leisure and their recently completed upgrades make them even more appealing. Our strong relationship and familiarity with both the buyer and the seller allowed HWE to effectively execute on behalf of our client.”