DENVER, Colorado; ATLANTA, Georgia; & WASHINGTON, D.C.—HREC Investment Advisors announced it has arranged the sale of the 112-room Aloft Sugarloaf/Lawrenceville, located in Lawrenceville, Georgia. The hotel was acquired by an affiliate of The RADCO Companies.
HREC Investment Advisors represented the seller, a joint venture between Emerge Hospitality Group and RevPAR Development LLC, on this transaction. The marketing and negotiations were led by Monty Levy, managing director (Atlanta and Broker of Record), and Ketan Patel, managing director (Washington, D.C.).
“We were delighted to once again represent a long-time client in RevPAR—and their partner Emerge Hospitality, and at the same time source a high-quality buyer such as RADCO as the buyer of this exceptional new asset,” said Levy.
Patel said, “This trade confirms that despite some headwinds in the hotel transactional markets high-quality assets in desirable locations continue to sell at compelling pricing.”
The Aloft Sugarloaf/Lawrenceville is in the Sugarloaf submarket of Gwinnett County, which is located near Gas South Arena and Convention Center. The Gas South District is undergoing a $73 million expansion—over 100,000 square feet of additional convention space, due for completion in Q1 2023. The lodging submarket has seen a recovery to pre-pandemic performance and the Gas South Development has attracted lodging investment interest, including an 11-story Westin connected to the convention center, set to open in 2023. Located off of I-85, the Aloft is along a busy interstate, which provides access to most of Atlanta’s submarkets