Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and financing of the 101-room Hampton Inn & Suites Providence/Smithfield located in the Providence-area community of Smithfield, Rhode Island.
The HFF team represented an institutional seller, and procured the buyer, Excel Group. HFF’s debt placement team worked on behalf of Excel to secure the 12-year, floating-rate acquisition and renovation loan through Bank Newport. The hotel was marketed as part of a three-property Northeast hotel portfolio that also included the recently-closed Hyatt House Bridgewater in Bridgewater, New Jersey.
Hampton Inn & Suites Providence/Smithfield is positioned at 945 Douglas Pike along Interstate 295, Providence’s primary beltway. This location is close to corporate and leisure demand drivers, including Fidelity Investments campus, CVS’s global headquarters, Twin Rivers Casino, Bryant University and downtown Providence, less than eight miles to the southeast. The hotel is also proximate to Citizens Bank’s new 123-acre campus that opened with 3,000 employees in August 2018. The four-story hotel features traditional guestrooms and 22 suites along with amenities, including complimentary breakfast, complimentary guest shuttle, an indoor heated pool, fitness and business centers, boardroom and guest laundry facilities. Excel Group plans to improve the hotel further by completing a renovation.
The HFF investment advisory team representing the seller consisted of senior managing director Daniel C. Peek, managing director Denny Meikleham, senior directors Alan Suzuki and KC Patel, director Matthew Enright and senior managing director James Koury.
HFF’s debt placement team representing the borrower included senior directors Chris Hew and Jennifer Keller.
About Excel Group
Excel Group is a multi-disciplined hotel private equity firm focused on acquiring and developing premium-branded select-service hotels. Headquartered in Arlington, VA, the firm owns and asset manages a portfolio of hotels. Excel Group specializes in developing and acquiring hotel investments, minimizing risk and maximizing performance through intensive asset management and selling to leading institutions. Since its founding in 2011, Excel Group has executed over 35 transactions totaling over $600 million in deal volume. The firm’s fully integrated platform with expertise in acquisitions, asset management and development enables Excel Group to achieve risk-adjusted returns that consistently outperform industry averages. For more information, please visit: www.excelgp.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
