ATLANTA—Hunter Hotel Advisors has represented a Southeast hospitality fund in the sale of the Holiday Inn Pensacola in Pensacola, FL, for $11 million.
A Michigan-based company purchased the IHG property to add to its portfolio. The 114-room hotel was built in 2008 and the owner anticipates spending $2 million to upgrade the asset. The new owners were attracted to the hotel’s location, with its diverse mix of demand generators and strong operating metrics, according to the company.
Hunter Hotel Advisors’ Shamir Patel, VP of the office in Orlando, FL, and Trey Scott, VP of the office in Jacksonville, FL, advised on the transaction.