HREC Investment Advisors is pleased to announce that it has arranged the sale of the 138 room Hampton Inn & Suites Jekyll Island GA. HREC, led by Monty S. Levy, Managing Director in the Atlanta office, exclusively represented the seller, an affiliate of Leon N. Weiner & Associates, Inc. (LNWA). The property was acquired by an affiliate of Peachtree Hotel Group (PHG).
“This sale clearly illustrates the breadth and depth of our firm’s platform”, noted Scott Stephens, Senior Principal and COO of HREC. “We were engaged by LNWA in 2013 on a mortgage brokerage assignment, and successfully advised them on a refinancing of the property, and now have advised on a sale five years later.” Added Levy, “This was a challenging engagement, given CMBS debt that had to be assigned and a ground lease to be assumed. To that end, we were very pleased to secure such a high-quality buyer – and client of our firm - in PHG.”
Visitors come to Jekyll Island from across the country including every state in the United States. Most visitation comes from east of the Mississippi and is highly concentrated in the southeast region. In recent years, the Jekyll Island Authority (“JIA”) has made significant progress implementing a revitalization plan to improve the infrastructure and appearance of the Island, as well as reinvigorate Jekyll Island’s economy. As part of the plan, the Jekyll Island Beach Village – which is located approximately one mile from the Property - is a mixed-use development that offers a unique experience and several amenities for visitors. As the centerpiece of the Jekyll Island Beach Village, a new oceanfront convention center was constructed in 2012 featuring over 78,000 square feet of oceanfront meeting space. The Jekyll Island Convention Center is the only oceanfront convention center on the Atlantic coast in the southeast region.
About HREC®: HREC is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With offices throughout North America, HREC® is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization.
