Hunter Hotel Advisors announced today that the firm recently closed on the sale of Courtyard by Marriott in Lafayette, LA.
Hunter Hotel Advisors exclusively represented an institutional seller based in New York, and arranged the sale of the hotel to Waramaug LS Hotels, LLC a privately held investment group formed by senior hotel professionals.
The hotel has already undergone over $1.8 million in extensive renovations as part of the conversion to the Courtyard’s new brand standards, and Waramaug is planning additional upgrades. “This was an attractive investment especially on a per room basis,” said Paul Nussbaum, chief executive officer of Waramaug LS Hotels, LLC. “The asset fits perfectly with our strategy to acquire legacy branded select service hotels in strong secondary and tertiary markets.”
“Our seller was very pleased with the transaction,” said Teague Hunter, president of Hunter Hotel Advisors. “We brought them solid offers from a diverse group of buyers. Hunter looks forward to continuing our strong relationship with both the seller and Waramaug.”
Hunter’s seven brokerage offices specialize in select and full-service hotels and currently represent more than 100 hospitality assets nationally, and approximately 14 hotels are scheduled to close by the end of the quarter. Hunter’s Capital Market group anticipates closing on more than $150 million in debt and equity financing by the end of the year.
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