Tampa, Fla. (September 27, 2022) – THE PLASENCIA GROUP has closed the sale of the 102-key Hilton Garden Inn Huntsville South/Redstone Arsenal and the 88-key Hampton Inn & Suites Athens I-65/Huntsville Area. The firm advised an affiliate of WEDGE Group in the disposition of the hotels, while Waramaug Hospitality acquired the properties.
The Hilton Garden Inn and Hampton Inn & Suites occupy excellent locations around Huntsville, which is known as “Rocket City” for the high concentration of research and development, military, and aerospace organizations located in the area. Huntsville was recently named the best place to live in the United States by U.S. News and World Report and has the highest number of residents with engineering degrees per capita in the nation. The city is in the midst of a post-pandemic renaissance, as large cohorts of well-educated, highly skilled workers continue to relocate to the region. According to a study by Stessa, a leading real estate technology firm, Huntsville experienced the most economic growth among all metros in the country in 2021.
Each hotel benefits from the Hilton brand family, and both are ideally suited for the discriminating, well-travelled guests that frequent Huntsville’s numerous government and corporate outposts.
“Our client has been an excellent steward of the properties over the course of their ownership period and we are honored that they trusted us to represent them in the sale,” commented John Plasencia. He added, “We are excited to see the hotels continue their excellent performance as they capitalize on the rapidly growing aerospace, technology, manufacturing, government, and leisure sectors of the booming Huntsville market. This growth is focused around Redstone Arsenal, a massive government complex that houses multiple units of the Department of Defense, Department of Justice, and NASA; and Cummings Research Park, the second largest research park in the country.”
Robert Wiemer and John Plasencia facilitated the transaction, adding to the impressive list of recent successes for The Plasencia Group and its clients. The firm has orchestrated the sale and financing of more than $1.5 billion in lodging transactions across 5,300 rooms in some of the United States’ most active lodging markets over the last 24 months.
About The Plasencia Group
The Plasencia Group is a full-service lodging investment advisory firm offering transaction services, capital markets, asset management, and development management consulting services to hotel and resort owners throughout North America. The firm has completed some of the most notable transactions across North America since it was founded in 1993.
About WEDGE Group
WEDGE Group is a Houston, Texas-based, privately held U.S. investment firm founded in the 1970s. WEDGE has made controlling private equity investments in a wide range of industries including manufacturing, trucking, food processing, engineering, construction, oilfield services and real estate.
About Waramaug Hospitality
Waramaug Hospitality is a privately held investment firm that specializes in the investment and ownership of hotels nationwide, with a primary focus on premium-branded select service and full service hotels. Since inception, Waramaug has acquired over $800 million in hotel assets comprising over 5,000 rooms and more than 40 properties. During this time Waramaug has established a superior investment and asset management platform dedicated to maximizing returns to our partners and investors.