HFF Closes $12.1 Million Sale Of The Lodge At Gainesville

Jun 15, 2015 No Comments by

Holliday Fenoglio Fowler, L.P. (HFF) has closed the $12.1 million sale of The Lodge at Gainesville, a 208-room, select-service, independent hotel near the University of Florida in Gainesville.

HFF marketed the property on behalf of the seller. CrossHarbor Capital Partners LLC purchased the offering free and clear of debt. GF Management will continue to manage the hotel.

Known for its nightly two-hour cocktail reception in its atrium, The Lodge at Gainesville caters to both business and leisure travelers. In 2014, the hotel received TripAdvisor’s Certificate of Excellence Award given to establishments that received outstanding traveler reviews on TripAdvisor, one of the world’s largest travel sites.

Formerly branded as a Cabot Lodge, the three-story hotel features a fitness center, business center, 810 square feet of meeting space with audio and visual equipment, outdoor swimming pool and hot tub, barbeque grills and a complimentary continental breakfast buffet. Located at 3726 SW 40th Boulevard just off Interstate 75 in the heart of Gainesville’s largest retail corridor, the hotel provides guests access to the University of Florida, which is two miles east of the hotel; Shands Hospital and two new retail developments, Celebration Pointe and Butler Plaza North/Butler Plaza Towne Center, both within one mile of the hotel.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, director Michael Weinberg and real estate analysts Anthony Frogameni and Preston Reid.

 

”This asset had what many buyers are looking for from an investment profile perspective, considering it was a lender-owned asset, in a strong location and had brand-conversion potential,” Weinberg said. “The sales process became extremely competitive prior to buyer selection. Both buyer and seller were very professional and great to work with.”

 

“The Lodge represents a great opportunity for value-add hotel investors in the Gainesville market, one of the strongest university-centered markets in the U.S.,” Peek added. “Investors were clearly attracted to the investment given the variety of execution alternatives and the underlying quality of the location.”

HFF’s Hotel Group has had particular success in closing hotel transactions in Florida including the recent sales of the Waldorf Astoria Naples (now Naples Grande Resort) and the Hilton Clearwater Beach Resort. The firm also closed the sale of the La Playa Beach Resort in May.

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