By Razvan Cimpean
A joint venture between Atlantic Hotels Group and Civitas Capital Group acquired the 120-room Holiday Inn Express & Suites and the 93-room TownePlace Suites in Waco, Texas. Supreme Bright Waco II LLC and Waco Lodging LLC sold the two-building portfolio.
Holiday Inn Express & Suites Waco South is located at 5701 Legend Lake Parkway, just off Texas State Highway Loop 340. The four-story hotel sits 12 miles from the Waco Regional Airport. The asset features a business center, fitness center and indoor swimming pool. TownePlace Suites Waco South is located at 5621 Legend Lake Parkway, next to the Holiday Inn Express & Suites. The four-story property features a fitness center and outdoor swimming pool.
Chris Gomes, senior vice president of investments, Allan Miller, first vice president of investments and Joseph Jaques, associate in Marcus & Millichap’s Dallas office, represented the seller. Gomes and Miller also procured the buyer. The new deal comes a few months after CBRE arranged the sale of a 70-key Texas City hotel.
“The portfolio is composed of newer assets with stabilized cash flows and long-term franchise agreements,” Gomes said in a prepared statement.
Image courtesy of Marcus & Millichap