Hotel real estate investment firm Elise Capital has acquired the Holiday Inn Express & Suites Picayune-Stennis Space Center in Picayune, Miss., for $7.5 million in an off-market transaction from an independent seller. Other terms of the deal were not disclosed. This property marks the firm's third hospitality acquisition in the last two years. Synergy Hospitality Group will manage the property.
The three-story, 67-room Holiday Inn Express & Suites recently underwent a comprehensive renovation and has a heated indoor pool, fitness center, business center and more than 1,200 square feet of meeting space.
"This Holiday Inn Express fits well into our investment criteria," Elise Capital founder and CEO Kendra Plummer said in a statement. "By changing management and updating systems and marketing, we believe we will be able to increase profitability and ensure the hotel is the best in class in the Pearl River County market."
Holiday Inn Express & Suites Picayune-Stennis Space Center is located along I-59, close to Slidell and a short drive from New Orleans, Hattiesburg and the Gulf Coast.