HP Hotels has been chosen by Lodging Fund REIT III to manage the newly acquired Hilton Garden Inn Charlotte North and Hilton Garden Inn Charlotte Pineville properties, both of which are in North Carolina.
HP Hotels had already been managing these properties for many years for another ownership group and alerted Lodging Fund’s sponsor, Legendary Capital, that they would become available as an off-market investment opportunity.
“We’re excited to manage these assets for Lodging Fund in markets where we have excellent experience and a strong presence," HP Hotels CEO Kerry Ranson said in a statement. "We look forward to an outstanding partnership with Corey Maple and the Legendary Capital team. They are skilled opportunistic investors and portfolio managers. A deal like this also demonstrates how we add value to a relationship as asset managers, working with ownership groups to help them gauge market trends, determine ongoing valuations and establish transition plans, whether for a portfolio of hotels or individual properties."
Each of these Lodging Fund-owned 112-room, five-story Hilton Garden Inns have an outdoor pool, a fitness center, free Wi-Fi, a business center, free parking, a 24-hour snack shop, cooked-to-order breakfast and meeting space. Each property will undergo a comprehensive property improvement plan, including interior and exterior renovations.
“HP Hotels is an accomplished, resourceful, and creative property-management specialist who completely understands our asset management strategies and objectives; and they have outstanding experience with the Hilton Garden Inn platform over many years," said Corey Maple, chairman and CEO of Legendary Capital. "Moreover, Ed Robison of HP Hotels is a former Hilton executive who lives in the backyard of these properties. We know they are in great hands.”