JLL’s Hotels & Hospitality group led sales efforts for properties near major universities in Alabama and Virginia
News release
06 July 2023
Investor picks up Home2Suites and Residence Inn hotels
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WASHINGTON, D.C., July 6, 2023 – JLL Capital Markets announced today that it arranged the sale of Home2Suites by Hilton, a 103-key hotel in Blacksburg, Virginia, and the sale of the Residence Inn Tuscaloosa, a 111-key hotel in Tuscaloosa, Alabama.
JLL represented the seller, KM Hotels, and procured the buyer, Mission Hill Hospitality.
Home2Suites by Hilton in Blacksburg is located at 1321 Rugby Ln., which is nestled in the scenic New River Valley and surrounded by the Blue Ridge and Alleghany Mountains. The vibrant town of Blacksburg offers an abundance of attractions and activities for visitors to enjoy. The property is under a mile from Virginia Tech University and 15.5 miles from Radford University.
The Residence Inn Tuscaloosa offers ideal amenities, including complimentary Wi-Fi, a grilling patio with fire pits, 24-hour fitness center and indoor pool. There is also a free breakfast buffet and a complimentary grocery deliver service available to guests. Located at 211 Rice Mine Rd. Loop, the Residence Inn Tuscaloosa is situated along the banks of the Black Warrior River, a short drive from downtown and the University of Alabama.
The JLL Hotels & Hospitality group team was led by Managing Director Ketan Patel.
Patel stated “I would like to thank KM Hotels for once again allowing us to represent them and also appreciate yet another seamless transaction from Mission Hill. This deal and others we have closed recently in the select service/extended stay space show that demand is still robust for similar type assets and we can achieve great results for our clients despite the market headwinds.”
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.