An Iowa hotel operation has continued expanding its portfolio with the acquisition of three out-of-state Hilton hotels.
Hawkeye Hotels, based in Coralville, recently acquired three “institutional-grade Hilton hotels” totaling 369 rooms in Texas, Alabama and Louisiana from Carey Watermark Investors for an undisclosed amount, according to a news release.
The purchase includes:
• Hilton Garden Inn in Baton Rouge, which will undergo a major renovation
• Hampton Inn Birmingham-Colonnade in Alabama
• Hampton Inn & Suites in the Dallas Fort Worth metropolitan area.
All three properties will see “operational efficiencies, new revenue analytics and sales modeling,” according to the news release.
“The Carey Watermark portfolio acquisition will play a significant role in our growth strategy for 2017, as we look to swiftly expand across the county with a mix of portfolio acquisitions and new development deals,” Ravi Patel, president of Hawkeye Hotels, said in the news release. “Not only are these properties a fit for our value-add criteria, they are also located in dynamic markets that are expected to flourish in the coming years.”
The company said this transaction — brokered by Hodges Ward Elliott of Atlanta, Ga. — is its fourth acquisition of 2017, and comes on the heels of the 2016 acquisition of seven hotels from GE Capital.
Hawkeye Hotels, which was founded in 1982, owns and operates more than 50 hotels across the country and employs more than 1,000 employees at its hotels and corporate offices.
l Comments: (319) 339-3177; email@example.com