Wolfgramm Capital Acquires Avatar Hotel Group Portfolio and Management Company
Main Photo: Fairfield Inn & Suites Waco North
Date: February 2022
Names: Fairfield Inn & Suites Waco North, Fairfield Inn & Suites Marshall, Holiday Inn Express & Suites Dallas South Desoto
Location: Texas, USA
Number of Keys: 280
Seller: Avatar Hotel Group
Buyer: Wolfgramm Capital, headed up by Phil Wolfgramm
The Avatar Hotel Group‘s entire portfolio, comprised of three select-service hotels in Texas with 280 rooms in total, has been sold to Wolfgramm Capital. Wolfgramm Capital also purchased and assumed Avatar’s management company.
In a separate transaction, Avatar has also sold a nearly three-acre development site in Plano, Texas pre-approved for a Home2 Suites development, to another buyer.
The three hotels in the Texas portfolio include the 109-room Fairfield Inn & Suites Waco North built in 2004; the 83-room Fairfield Inn & Suites Marshall built in 2005; and the 88-room Holiday Inn Express & Suites Dallas South Desoto built in 2007. The development site is just over 2.95 acres and is situated along the President George Bush Turnpike in Plano, Texas.
“It was a great experience being a part of the history of these beautiful assets and managing them for the past 5 years,” added Frank Tenadu, Managing Partner & VP of Operations for Avatar. “We’re particularly grateful and excited about the enormous growth opportunities Wolfgramm Capital brings to our entire team. Austin and the HWE team did an excellent job ensuring a smooth process. He was very professional and dedicated throughout the entire process.”
The three recently renovated hotel properties each benefit from highly visible locations near notable demand drivers. The properties are situated within the Texas Triangle, a booming mega-region anchored by four major metropolitan areas including San Antonio, Austin, Dallas-Fort Worth, and Houston. The area has seen dramatic economic and demographic growth and represents the economic engine of the Southwest U.S. as well as home to over 20 million residents.
Prior to founding Wolfgramm Capital, Phil & Koloa’s team led over two billion dollars of real estate acquisitions and developments including headline deals like the Ritz Carlton Rancho Mirage, JW Marriott Palm Desert, and the conversion of the Mandarin Oriental into the Waldorf Astoria Las Vegas.
Price: Undisclosed
THPT Comment: With 30+ years experience, Wolfgramm have a proven track record in developing and managing some interesting hotels
First Seen: Hotelonline
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