WASHINGTON, D.C.—JLL Capital Markets announced that it arranged the sale of Home2Suites by Hilton, a 103-key hotel in Blacksburg, Virginia, and the sale of the Residence Inn Tuscaloosa, a 111-key hotel in Tuscaloosa, Alabama.
JLL represented the seller, KM Hotels, and procured the buyer, Mission Hill Hospitality.
Home2Suites by Hilton in Blacksburg is located in the New River Valley by the Blue Ridge and Alleghany Mountains. The town of Blacksburg offers attractions and activities for visitors to enjoy. The property is under a mile from Virginia Tech University and 15.5 miles from Radford University.
The Residence Inn Tuscaloosa offers amenities including WiFi, a grilling patio with fire pits, a 24-hour fitness center, and an indoor pool. There is also a breakfast buffet and grocery delivery service available to guests. The Residence Inn Tuscaloosa is situated along the banks of the Black Warrior River, a short drive from downtown and the University of Alabama.
The JLL Hotels & Hospitality Group team was led by Managing Director Ketan Patel.
Patel stated, “I would like to thank KM Hotels for once again allowing us to represent them and also appreciate yet another seamless transaction from Mission Hill. This deal and others we have closed recently in the select service/extended-stay space show that demand is still robust for similar type assets, and we can achieve great results for our clients despite the market headwinds.”
