SAVANNAH, GA – August 22, 2019 – RobertDouglas announced today that it advised Ashford Hospitality Trust Inc (NYSE: AHT) on the sale of the 156-room Courtyard Savannah Downtown Historic District to Peachtree Hotel Group for $29.75 million. Evan Hurd, principal and managing director with RobertDouglas, made the announcement.
“We are seeing substantial demand from investors for premium-branded hotels in proven and expanding markets,” said Hurd. “Courtyard Savannah features many of the characteristics that investors seek and, as a result, this was a highly-competitive marketing process that generated multiple offers from investors.”
Located in the heart of Savannah’s Historic District, the custom-built Courtyard Savannah is ideally-situated amongst the area’s leisure, group, and corporate demand drivers. The Property is also within walking distance of Savannah’s most famous landmarks and local attractions, including the Historic River Street, City Market, Savannah History Museum, and Savannah College of Arts & Design (SCAD). The Historic District’s thriving hospitality market has led to a robust RevPAR compound average growth rate (CAGR) of 5% between 2009 and 2018.
“Savannah’s diverse demand fundamentals and long-term track record of consistent growth attracted a broad range of investors,” commented Annie Ferguson, Associate with RobertDouglas. Savannah, a prospering lodging market, welcomes 14 million visitors annually, with a total visitor spend of $3.3 billion in 2018. The growing city is home to the 330,000-square-foot waterfront Savannah Convention Center, the largest military base on the east coast, and the nation’s second busiest U.S. container port.
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles, and San Francisco that specializes in the sale, financing, and equity capitalization of hotel, resort, and gaming properties throughout North America. Founded by two of the hotel industry’s pre‐eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact [email protected]‐douglas.com or go to www.robert-douglas.com.