Hunter Hotel Advisors announced its first two hotel sales of 2019: The Hampton Inn & Suites in St. Augustine, Fla.; and the Courtyard by Marriott in Cranbury, N.J. Both deals closed in late 2018.
The Hampton Inn & Suites, located on Vilano Beach in St. Augustine, Fla., was sold by MCR Group to Pharos Hospitality. The property is situated in the midst of the tourist district, and in close proximity to demand generators and attractions such as the Historic District, Colonial Spanish Quarter, 144-block Restoration Area and Castillo de San Marcos.
“We’re thrilled with the opportunity to expand our Florida portfolio with the Hampton Inn St. Augustine Vilano Beach," Chris Watson, COO at Pharos Hospitality, said in a statement. "Building on strong historical performance, we think our planned renovation and a renewed focus on guest service will position this beach front hotel to thrive in a rapidly growing Florida market. Hunter Hotel Advisors, particularly Trey Scott, were phenomenal throughout this process. It’s been a pleasure to work with their team.”
“MCR Group has been a valued client of ours for many years, and we are pleased to have found Pharos Hospitality as the buyer for their hotel in St. Augustine," Trey Scott, SVP at Hunter Hotel Advisors, said in a statement. "While this was our first transaction with Pharos Hospitality this year, I know this is only the start of our relationship with this emerging leader in the hotel investment space.”
Additionally, the Courtyard by Marriott in Cranbury, N.J., was sold by an affiliate of Rockwood Capital to Canon Hospitality Management. The 144-room Courtyard was built in 2001 and offers amenities such as a restaurant, indoor pool, fitness center and event rooms. This property located off I-95 and the New Jersey Turnpike, 10 miles from Princeton University and many other attractions and businesses.
“This is the fourth hotel Hunter sold for Rockwood in 2018," Teague Hunter, president of Hunter Hotel Advisors, said in a statement. "Their institutional-quality portfolio and sophisticated business style allowed the deal to move seamlessly through closing.”