Officials of Satori Collective, a real estate investment management firm focused primarily on hotel property investment, have sold the 124-suite Holiday Inn Express & Suites Alpharetta (Ga.) Windward Parkway to Bukhari Group Hospitality. Other terms were not disclosed.
Satori achieved an approximate 24 percent internal rate of return and a 2x equity multiple through the sale. Hunter Hotel Advisors' SVP Mayank Patel facilitated the transaction on behalf of the seller.
“We purchased this all-suite property in 2013 and quickly conducted a comprehensive, multi-million dollar, value-add renovation to re-flag the property to a Holiday Inn Express & Suites by IHG,” Satori Collective CIO Samir Yajnik said in a statement. “Through the past 10 years, we have maintained our vision and were rewarded by unlocking the hotel’s financial potential. Our original underwriting and research proved true given the upside realized by the improved brand quality and the hotel’s unmatched location in the thriving Alpharetta market. We are proud to have successfully executed our value-add strategy with this investment to generate above market returns for our investors given the challenging capital markets environment at present.”
The all-suite hotel is located in the Alpharetta business corridor close to companies like Fiserv, Hewlett Packard and ADP, as well as Ameris Bank Amphitheatre and Avalon. Hotel amenities include an outdoor pool, business center, 24/7 fitness room and meeting space for up to 40 people. Suites have an oversized guestroom, sleeper sofa and seating in separate space and a work area with desk and ergonomic business chair. The hotel also provides complimentary high-speed internet service in both rooms and public spaces.
“At present, we are diligently pursuing opportunistic and value-add acquisition opportunities,” said Andy Chopra, co-founder and managing partner, Satori Collective. “With an eye toward continued future growth, we continuously review our portfolio for opportunities to monetize assets for our investors.”