CORALVILLE, Iowa—Hawkeye Hotels has announced it has recently acquired a portfolio from Carey Watermark Investors for an undisclosed amount. The portfolio consists of three institutional-grade Hilton hotels comprising 369 rooms in prime markets in Texas, Alabama, and Louisiana. This marks the firm’s fourth acquisition of 2017 and second major recent portfolio acquisition, after an acquisition of seven hotels from GE Capital last year.
“The Carey Watermark portfolio acquisition will play a significant role in our growth strategy for 2017, as we look to swiftly expand across the county with a mix of portfolio acquisitions and new development deals,” said Ravi Patel, president of Hawkeye Hotels. “Not only are these properties a fit for our value-add criteria, they are also located in dynamic markets that are expected to flourish in the coming years.”
Hawkeye Hotels purchased the Hilton Garden Inn in Baton Rouge, the Hampton Inn Birmingham-Colonnade in Alabama and the Hampton Inn & Suites in the Dallas Fort Worth metropolitan area. The company will carry out a major renovation of the Baton Rouge property. In addition, Hawkeye Hotels will implement operational efficiencies, new revenue analytics and sales modeling at all three properties. Each of the three CWI hotels is located in proximity to diverse demand generators and supporting services while outperforming their respective markets on key metrics, including RevPAR and Average Daily Rate.
Both the Birmingham and Dallas Fort Worth hotels offer guests a business center, meeting rooms, fitness room, outdoor pool and free internet access in every guest room. The Baton Rouge property was built in 2004 and will undergo major renovations to update its lobby, public spaces and guest rooms.
“Our company has been eager to expand in Dallas Fort Worth and other markets in the South,” said Raj Patel, Chief Development Officer of Hawkeye Hotels. “Our research shows a steady uptick in population growth and business development in this area. With so much economic activity in the region, we can help by creating more high-quality hotel options for individuals traveling there for business or leisure.”
The transactions were brokered by Hodges Ward Elliott of Atlanta, Ga.