ATLANTA, Georgia—McKibbon Equities announced that it has closed on the purchase of Courtyard by Marriott Atlanta Buford Mall of Georgia located northwest of Atlanta.
The 110-key property was purchased from an affiliate of Hotel Equities and represents the second portfolio investment for McKibbon Income Fund I. Synovus Bank provided debt financing for the transaction. The seller was represented by David Perrin of Hunter Hotel Advisors.
“We’re pleased to have represented Hotel Equities in the sale of an asset that was so close to home,” said Perrin, senior vice president at HUNTER. “Despite the difficult transaction landscape, it was a pleasure working with McKibbon and we look forward to seeing their plans unfold for this exceptional property.”
The investment represents the second acquisition completed by McKibbon Income Fund I following the August 2023 acquisition of the Hampton Inn & Suites Clearwater/St. Petersburg-Ulmerton Road.
“We’re excited to be expanding our footprint in the Atlanta Metro with the purchase of Courtyard Buford,” said Matthew Ram, senior vice president of acquisitions, McKibbon. “It’s been a challenging transactional market over the last few years, and we are pleased to have acquired a high-quality newer-vintage Courtyard at an attractive basis.”
Originally constructed in 2009, Courtyard Atlanta Buford Mall of Georgia is located off Interstate 85 north of Atlanta, placing guests near demand drivers and attractions such as Mall of Georgia, Lake Lanier, and The Exchange @ Gwinnett, a new mixed-use development featuring retail, dining, entertainment, and residential real estate. McKibbon will be completing a comprehensive renovation of all guestrooms and public spaces which will be carried out by McKibbon Places, the company’s construction and renovation vertical. McKibbon Hospitality will operate the property.
McKibbon owns and operates 19 owned hotels with another two actively under construction, as well as nine independent food and beverage concepts. McKibbon Hospitality operates more than 100 total hotels in its third-party management portfolio.
