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Hawkeye Hotels has acquired the six-story, 201-room Hilton Garden Inn in Independence, Mo., situated approximately 10 miles east of downtown Kansas City, Mo.
Iowa City, Iowa-based Hawkeye, which owns and operates more than 40 hotels in a dozen U.S. states, purchased the property at 19677 E. Jackson Dr. in Independence, Mo. out of receivership for an undisclosed sum following a highly competitive bidding process. The transaction was arranged by NGKF Hotels on behalf of the seller, court-appointed receiver First Hospitality Group.
“We are very excited to join the Independence, Missouri, community and look forward to bringing changes to the Hilton Garden Inn that will improve the property and in turn the surrounding community,” said Hawkeye Hotels President, Ravi Patel. “Due to our collaborative relationships with Hilton and regional lenders, we are able to acquire and develop premium-branded hotels in markets that exhibit strong growth.”
NGKF Hotels Senior Managing Director Sam Winterbottom and Director Bhavesh “B.J.” Patel, both with the NGKF Atlanta office, represented the seller in conjunction with Southeast International Hotel Brokers.
“A number of investors were eager to bid on this particular hotel, which houses the Hereford House Steakhouse that has become a Kansas City icon over the past 50 years,” Mr. Winterbottom said. “The buyer gained a first-rate hotel for well below the cost of new construction, and our client garnered a healthy selling price that benefited from competition among the bidders.”
Built in 2001, the property is in very good condition following a $4 million refurbishment of the lobby and guest rooms, completed in 2010. The hotel features an indoor swimming pool, business center, guest laundry facility, and the brand’s signature restaurant and bar. With 11,330 square feet of meeting space in 14 meeting rooms and one ballroom, the space accommodates gatherings of up to 1,400 people. With another planned renovation, the new owner can expect healthy demand for both room nights and event space that will grow over time.
The Hilton Garden Inn is on approximately six acres on the south side of East Jackson Drive and just north of I-70. Amenities include shopping at the nearby Independence Center Mall and convenient access to Independence Events Center. The asset has excellent access to I-70 and I-470, is convenient to Kansas City’s professional sports stadiums, The Harry S. Truman Historic Center and Library, and other Kansas City attractions.(more)
About Hawkeye Hotels
Founded in 1982 with one roadside hotel in Mena, Ark., Hawkeye Hotels has become one of the fastest-growing family-owned hospitality companies in the United States. Based in Iowa City, Iowa, Hawkeye Hotels owns and operates 40-plus hotels and has investments in more than 65 hotels under Marriott, Hilton, IHG, Starwood, and various other brands in Iowa, Illinois, Indiana, Ohio, Missouri, Arkansas, Colorado, Oklahoma, Texas, Virginia, West Virginia and Maryland. For more information, visit the company’s web site at www.hawkeyehotels.com.
About Hilton Garden Inn
Hilton Garden Inn is Hilton Worldwide’s award-winning, upscale, yet affordable hotel brand that continually strives to ensure today’s busy travelers have everything they need to be most productive on the road - from our oh-so-comfortable Garden Sleep System® bed to complimentary wired and Wi-Fi Internet access in all guestrooms. So whether on the road for personal or business reasons, Hilton Garden Inn offers the amenities and services for travelers to sleep deep, stay fit, eat well and work smart while away from home. For more information about our locations around the globe, visit www.hgi.com or call 1-877-STAY-HGI.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.