North Point Hospitality Group, Inc., an award-winning Atlanta based hotel development and operations company, announced today that it has completed the sale of its 228 unit, dual-branded Hilton Garden Inn/Homewood Suites by Hilton Atlanta Midtown. The property was purchased by Carey Watermark Investors Inc., a New York-based non-traded real estate investment trust.
“The Hilton Garden Inn/Homewood Suites Atlanta Midtown hotel is a great asset and the timing of the sale was such that it represented significant value for both buyer and seller,” said S. Jay Patel, President and CEO of North Point Hospitality Group. “We continue to be optimistic about the Atlanta market and our growing presence there. Additionally, this transaction paves the way for our future development plans. By year end, we expect to break ground on four hotels in the Southeast, comprising of 605 rooms at a Total Project Development Cost of $155,000,000.”
North Point Hospitality Group, Inc. currently owns and operates four Hilton branded hotels in the Savannah area, totaling 538 rooms in the market. NPHG is expected to open its fifth Savannah hotel (162 unit Homewood Suites by Hilton Savannah Historic District / Riverfront) in Summer 2015 on the Savannah Riverfront as part of the company’s newest development, River Street East. River Street East is a phased mixed-use development including multiple hotels, retail space, riverfront dining with captivating views of the Savannah River, 360 linear feet of floating dock, and a 500 space parking structure, all wholly owned and operated by NPHG at a total build out cost in excess of $150,000,000.
About North Point Hospitality
Based in Atlanta, GA, North Point Hospitality Group is an award-winning hotel development and operations company. Since 1992, North Point has developed 25 hotels from the ground up with a total investment over $385 million. Currently the company owns and operates seven Hilton branded hotels in the Southeast with another 6 hotels under development, in addition to the SpringHill Suites by Marriott Lumberton, NC, the Fairfield Inn & Suites by Marriott Savannah Midtown and the Homewood Suites by Hilton Savannah Historic District / Riverfront, which are currently under construction. For more information on North Point Hospitality Group, visit NorthPointHospitality.com or contact Jackie.Schott@northpointhospitality.com.