ATLANTA—JLL Capital Markets introduced on behalf of Woodvale Alternative Fund I the closing of a $25 million acquisition of the Southaven Marriott Portfolio, and the $11 million acquisition of the Fairfield Inn & Suites Buford.
The Southaven Portfolio consists of the Courtyard Memphis Southaven (85 keys) and the Residence Inn Southaven (78 keys), each positioned in Southaven, Mississippi, a part of the larger Memphis metropolitan space. The Fairfield Inn & Suites Buford consists of 94 suites and is positioned in a northern suburb of Atlanta.
JLL labored on behalf of the customer, Woodvale Alternative Fund I, who bought the portfolio from Chartwell Hospitality.
In-built 2007 and 2006 respectively, these accommodations provide facilities catering to each enterprise and leisure vacationers. The Residence Inn options all-suite lodging with full kitchens, sizzling breakfast, and an outside pool. The Courtyard boasts The Bistro restaurant, 609 sq. toes of versatile assembly house, and an indoor pool. Each properties present 24/7 health facilities web entry, flat-screen televisions, and workspaces of their rooms.
The accommodations’ location off I-55 affords entry to sights, together with Memphis Worldwide Airport, Downtown Memphis, Baptist Memorial Hospital DeSoto, and retail locations like Southaven Towne Middle Mall and Tanger Shops Southaven.
“Our acquisitions of the Southaven Marriott Portfolio and the Fairfield Inn Buford underscore our dedication to including high-quality, strategically positioned property to our portfolio,” mentioned Bashir Mansour, vp of investments for Woodvale. “We count on these property to ship robust returns for our buyers whereas supporting the expansion of their respective native hospitality segments.”
The JLL Capital Markets workforce was led by Managing Director C.J. Kelly and Senior Director Bobby Norwood.
“Each the Southaven Marriott Portfolio and the Fairfield Inn Buford align completely with Woodvale’s technique, permitting them to safe well-positioned property with robust in-place yield whereas nonetheless providing additional upside potential,” mentioned Kelly. “Woodvale’s all-cash acquisition technique afforded them the chance to accumulate property at pricing superior to market requirements.”
