Lingerfelt CommonWealth Partners acquires five hotels in Orlando, Atlanta and Charlotte
- February 3, 2015
Lingerfelt CommonWealth Partners, a Richmond-based REIT, said Tuesday that it has acquired five hotels in Orlando, Atlanta and Charlotte, N.C. It did not disclose the purchase price.
The portfolio, totaling 758 rooms, includes premium hotels within the Marriott International and Hilton Worldwide brands.
CommonWealth Lodging, an affiliate of Lingerfelt CommonWealth Partners, will manage all operations of the hotels, including a multimillion dollar renovation of the DoubleTree by Hilton in Atlanta and Fairfield Inn by Marriott Orlando Airport. Both hotels will remain open and fully operational with renovations planned for completion in the fourth quarter of 2015.
J. Ryan Lingerfelt, president and chief investment officer, said in a statement, "We identified this portfolio of hotels as an opportunity to acquire well maintained assets, below replacement cost, affiliated with great brands in strong markets that we believe are likely to benefit from continued long-term growth."
The acquisition brings Lingerfelt CommonWealth Partner's holdings to more than 4.2 million square feet across five Southeastern states, including six hotels totaling 1,000 rooms in the Marriott and Hilton franchises.
CommonWealth Lodging, a hospitality management and consulting firm based in Virginia Beach, manages nine hotels in four states with more than 1,300 rooms and 360 employees. The company is an approved operator for the major hotel franchise companies, including Marriott International, Hilton Worldwide, Choice Hotels and Wyndham Worldwide.