JLLs Hotels & Hospitality group led sales efforts for properties near major universities in Alabama and Virginia
JLL Capital Markets announced last week 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.”