Hawkeye Hotels Grows Portfolio with Acquisition of Independence, Mo., Hilton Garden Inn
NGKF Hotels represents receiver First Hospitality Group and secures buyer
acquired the six-story, 201-room Hilton Garden Inn in Independence, Mo., situated approximately 10 miles east of downtown Kansas City, Mo.
dozen U.S. states, purchased the property at 19677 E. Jackson Dr. in Independence, Mo. out of receivership for an undisclosed sum following a highly competitive bidding process. The transaction was arranged by NGKF Hotels on behalf of the seller, court-appointed receiver First Hospitality Group.
"We are very excited to join the Independence, Missouri, community and look forward tobringing changes to the Hilton Garden Inn that will improve the property and in turn the surrounding community," said Hawkeye Hotels President, Ravi Patel. "Due to our collaborative relationships with Hilton and regional lenders, we are able to acquire and develop premium-branded hotels in markets that exhibit strong growth."
NGKF Hotels Senior Managing Director Sam Winterbottom and director Bhavesh "B.J."Patel, both with the NGKF Atlanta office, represented the seller in conjunction with Southeast International Hotel Brokers.
"A number of investors were eager to bid on this particular hotel, which houses theHereford House Steakhouse that has become a Kansas City icon over the past 50 years," Mr. Winterbottom said. "The buyer gained a first-rate hotel for well below the cost of new construction, and our client garnered a healthy selling price that benefited from competition among the bidders."
Built in 2001, the property is in very good condition following a $4 million refurbishmentof the lobby and guest rooms, completed in 2010. The hotel features an indoor swimming pool, business center, guest laundry facility, and the brand's signature restaurant and bar. With 11,330 square feet of meeting space in 14 meeting rooms and one ballroom, the space accommodates
gatherings of up to 1,400 people. With another planned renovation, the new owner canexpect healthy demand for both room nights and event space that will grow over time.
The Hilton Garden Inn is on approximately six acres on the south side of East JacksonDrive and just north of I-70. Amenities include shopping at the nearby Independence Center Mall and convenient access to Independence Events Center. The asset has excellent access to I-70 and I-470, is convenient to Kansas City's professional sports stadiums, The Harry S. Truman Historic Center and Library, and other Kansas City attractions.
About Hawkeye Hotels
Founded in 1982 with one roadside hotel in Mena, Ark., Hawkeye Hotels has become one of the fastest-growing family-owned hospitality companies in the United States. Based in Iowa City, Iowa, Hawkeye Hotels owns and operates 40-plus hotels and has investments in more than 65 hotels under Marriott, Hilton, IHG, Starwood, and various other brands in Iowa, Illinois, Indiana, Ohio, Missouri, Arkansas, Colorado, Oklahoma, Texas, Virginia, West Virginia and Maryland. For more information, visit the company"s web site at www.hawkeyehotels.com.