With the sale of College Park’s Microtel Inn & Suites by Wyndham Hotels, Newmark Grubb Night Frank (NGKF) Hotels closes its third transaction near Hartsfield-Jackson Atlanta International Airport within the last eight months. Combined, the transactions for Microtel and nearby Wellesley Inn and Sleep Inn total $14 million in sales.
NGKF Hotels Senior Managing Director Sam Winterbottom, Managing Director Bhavesh (B.J.) Patel and Associate Barrett Corwin led an undisclosed seller’s trade of the hotel, which mainly caters to travelers flying in and out of the world’s busiest airport. Georgia-based 64J Hotel Groups LLC bought the Microtel Inn with plans to negotiate a new, long-term franchise agreement and upgrade the property with a planned renovation of approximately $400,000.
“Given its prime location near the airport and an Atlanta MSA address, this hotel attracted a number of eager investors. 64J Hotel Groups took the opportunity to grow its portfolio, create operational synergy with another hotel it operates in the area and capitalize on upside potential for product improvement. The seller, a large, South Carolina-based hotel company, successfully disposed of a non-strategic asset that it built in 1998,” said Patel.
“This activity around the airport reflects transactions that we’re successfully closing in primary and secondary markets across the country. Hotel owners see opportunity, and they’re seeking counsel for exit strategies, valuations upon a sale, strategies for a potential sale or re-capitalization of debt and the expertise to execute either scenario,” said Winterbottom.
The three-story, 83-room, interior corridor hotel is adjacent to Hartsfield-Jackson airport at 4839 Massachusetts Blvd. in College Park, off of I-85 and Riverdale Road (Exit #71) and 11 miles south of downtown Atlanta.
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 12,800 professionals operate from more than 370 offices in established and emerging property markets on six 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., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.