Mission Hill Hospitality Acquires Hanover Lebanon Courtyard by Marriott
Increases exposure to education, medical, corporate and leisure markets with first investment in New Hampshire
Mission Hill Hospitality, a KSL Capital Partners portfolio company focused on transforming select service and extended stay hotel investing, announced it has acquired the Hanover Lebanon Courtyard by Marriott, a 124-key property located at 10 Morgan Drive in Lebanon, NH. This is the company’s first investment in New Hampshire and its seventh in New England.
DENVER, CO – Mission Hill Hospitality, a KSL Capital Partners portfolio company focused on transforming select service and extended stay hotel investing, announced it has acquired the Hanover Lebanon Courtyard by Marriott, a 124-key property located at 10 Morgan Drive in Lebanon, NH. This is the company’s first investment in New Hampshire and its seventh in New England. Hanover Lebanon Courtyard by Marriott is the 25th hotel added to the Mission Hill Hospitality portfolio since the company was launched in March 2021. Terms of the deal are undisclosed.
This acquisition supports our continued growth strategy of investing in premium branded, select service hotels located in diversified markets, particularly those driven by education, medical, corporate and leisure demand. The Lebanon area is experiencing significant growth and development, and this asset is well positioned to meet expanding needs. Mike Wilbert, Managing Director, Mission Hill Hospitality
Hanover Lebanon Courtyard by Marriott is in close proximity to both Dartmouth College, located less than three miles away, and the Dartmouth Hitchcock Medical Center, located across the street. Both are currently undergoing substantial expansion projects.
Dartmouth College, with an enrollment of approximately 6,600 students and nearly 3,000 staff, is underway on construction of a new Center for Engineering and Computer Science. The project includes 450,000 square feet of new building space, a 340-car parking garage, a loading dock, and an extension of campus utilities to enable future expansion plans. The 396-bed Dartmouth-Hitchcock Medical Center, to which the Hanover Lebanon Courtyard is the most proximate hotel, is constructing a new patient pavilion which will occupy 212,000 square feet over a five-story structure and add 112 patient beds. Construction is expected to be completed in early 2023.
Top corporate employers with offices nearby include Novo Nordisk, Siemens, and TomTom, among others.
Hanover Lebanon Courtyard by Marriott has many nearby leisure amenities, such as the Lebanon Opera House, one of the largest venues in the Connecticut River Valley, and the Montshire Museum of Science, a hands-on museum with over 150 interactive exhibits. The hotel also provides quick access to a variety of popular ski areas in the White Mountains, a major East Coast skiing hub which attracts over 1 million skiers each year. Additionally, the hotel is located seven miles from the White River Junction Amtrak station and four miles from the Lebanon Municipal Airport.
The hotel was named a 2021 Trip Advisor Travelers Choice Hotel. Originally developed in 2006, the property will undergo a complete renovation of guestrooms and public space to better meet the needs and expectations of today’s travelers. The hotel offers a mix of guestrooms and suites, including many with accessibility features, an indoor pool, whirlpool, well-equipped fitness center, a 24-hour business center, and 2,500 square feet of meeting space.