The 220-unit DoubleTree hotel and the 98-room Tru by Hilton hotel located in the Maine Mall market of Portland, Maine, have been sold to a joint venture between AD1 Global and Highline Hospitality Partners of Birmingham, Ala.
Hollywood, Fla.-based AD1 Global will manage the hotels.
Vaneastland purchased the DoubleTree in 2009 and the property has since undergone a complete exterior and interior renovation. Later, Vaneastland developed retail units on the 10.5-acre site and eventually developed and opened the Tru Hotel adjacent to the DoubleTree. The Tru Hotel was the sixth of its kind and opened in 2017.
HREC Investment Advisors exclusively represented the seller, Vaneastland, on this transaction. The marketing and negotiations were led by Jim O’Connell, principal of HREC Investment Advisors’ Boston office, and assisted by Brendan Collins in Boston and Paul Sexton in the HREC Miami office. Greg Porter, SVP of the HREC Capital Markets Group, arranged the debt and equity for the acquisition.
“Vaneastland turned this underused 10.5-acre parcel and hotel into a vibrant, vital part of the Maine Mall market," O’Connell said in a statement. "The attention to detail was second to none. Highline and AD1 Global takes over at a time when Portland is experiencing a 164 percent RevPar premium compared to the national average. The combination of AD1s insight and strong management skills coupled with Highline’s operational expertise and asset management execution capabilities will produce excellent results for the new ownership group.”