Hawkeye Hotels and HOS Management have sold three hotels in the Savannah, Ga., area, for a total of approximately $100 million: the Aloft Savannah Airport, Aloft Savannah Historic District and the Fairfield Inn & Suites Downtown Savannah Historic District.
The Aloft Savannah Airport was purchased by The Montford Group and Opterra Capital. The Aloft Savannah Historic District and Fairfield Inn & Suites Savannah Historic District, meanwhile, were bought by Mission Hill and KSL Capital Partners.
The individual amounts of each sale are publicly undisclosed; however, the total volume of the sales was approximately $100 million.
The total key count between the three assets was more than 400 rooms. All three of the assets were developed by HOS and Hawkeye Hotels in the last 24 months.
Combined, Hawkeye Hotels and HOS Management have more than 40 hotel projects in the pipeline, with over a dozen projects starting construction this year. The developers have been actively buying and selling multiple assets in addition to developing new hotels.
“Our top priorities in the next 18 to 24 months are to continue to actively pursue accretive acquisitions, while strategically disposing of assets,” said Parth Patel, VP of investments for Hawkeye Hotels, in a statement. The Iowa- and Georgia-based companies reportedly plan to continue executing on their development pipeline.
The Historic District of downtown Savannah is a large historic landmark district and a destination for nearly 15 million visitors annually. Savannah has seen more than $4 billion of commercial investment in the last decade, nearly half of which has been invested since 2018, including the $1 billion Savannah Port Expansion, the $375 million Plant Riverside Entertainment District, the 58-acre, $600 million Eastern Wharf development, and the $270 million expansion of the Savannah Convention Center, which is projected to be completed in 2023.