US-based real estate private equity company Mission Hill Hospitality has acquired two new hotel assets in a single transaction in Alabama and Virginia.
The company has acquired the 111-room Residence Inn by Marriott in Tuscaloosa, Alabama and the 103-room Home2 Suites by Hilton in Blacksburg, Virginia.
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The acquisition is Mission Hill’s first in Alabama and second in Virginia. Financial terms and other conditions of the acquisitions have not been disclosed by the companies.
Since the company’s establishment in March 2021, these are the 28th and 29th hotels added to the portfolio of Mission Hill Hospitality, according to Hospitality Net.
Mission Hill Hospitality managing director Mike Wilbert said: “The opportunity to acquire these two well-located assets aligns with our strategy to invest in core-branded, select-service hotels in stable and growing markets, especially those driven by higher education.
“Both the University of Alabama in Tuscaloosa and Virginia Tech in Blacksburg continue to be significant contributors to the growth and development of both cities and generate substantial demand for extended stay hotels.”
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By GlobalDataThe Residence Inn Tuscaloosa is situated along the banks of the Black Warrior River, ten miles away from the Tuscaloosa National Airport and a short drive from downtown and the University of Alabama.
The Home2Suites by Hilton Blacksburg is located in the New River Valley and is in close proximity to many popular attractions.
