Legendary Capital has sponsored the acquisition of the 112-room Hilton Garden Inn Pineville (N.C.) in a $10.7 million transaction, and the 112-room Hilton Garden Inn Charlotte (N.C.) North in a separate $15 million transaction with the same owner. These acquisitions follow two other hotels acquired by Legendary Capital earlier in August.
“The Hilton Garden Inn brand continues to be an attractive investment, and we are happy to have found two in this market,” Legendary Capital CEO Corey Maple said in a statement. “These particular properties are expected to be excellent performers after we put them through extensive renovations.”
The hotels are in the Charlotte-Gastonia-Concord Metropolitan Statistical Area, which has a population of 2.6 million. Charlotte is the 15th largest city in the U.S and the fourth largest city in the Southeast, with a population of 912,000. Charlotte is the second largest financial hub in the country after New York City and home to the University of North Carolina at Charlotte, which is home to around 30,000 students.
“The Charlotte/Pineville market has so much going for it—everything from corporate headquarters to major universities,” said Alex Worwa, director of investments. “The demand generators are all there, and these Hilton Garden Inns will be great additions to the portfolio.”