CORALVILLE, IA—Hawkeye Hotels has acquired a portfolio of three Hilton hotels representing 369 rooms from Carey Watermark Investors (CWI). Hawkeye Hotels purchased the Hilton Garden Inn in Baton Rouge, LA; the Hampton Inn Birmingham-Colonnade in Alabama; and the Hampton Inn & Suites in the Dallas-Fort Worth metropolitan area. The purchase price was not disclosed.
The purchase is Hawkeye’s second recent portfolio acquisition, following an acquisition of seven hotels from GE Capital last year. The company plans a major renovation of the Baton Rouge property to update its lobby, public spaces and guestrooms, and will implement operational efficiencies, new revenue analytics and sales modeling at all three properties.
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 guestroom.
“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.”
“Our company has been eager to expand in Dallas-Fort Worth and other markets in the South,” added 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.”
Hodges Ward Elliott of Atlanta brokered the transactions.
Founded in 1982, Hawkeye Hotels owns and operates more than 50 hotels in the United States.