September 13, 2018
Lodging Opportunity Fund REIT (LOF-REIT) added two Hilton-branded hotels in Tyler, TX to its portfolio. The North Dakota REIT acquired the 125-room Hilton Garden Inn and the 113-key Homewood Suites by Hilton from Webster, TX-based Lodgic Hospitality. The seller developed both properties.
LOF-REIT began acquiring hotels in 2013 and continues growing its hospitality portfolio.
CBRE’s Michael Yu, Rahul Bijlani and Agrama Mannapperuma negotiated the transaction. “With hotels trading at very low capitalization rates in the major markets, many buyers have shifted their attention to smaller markets for yield,” Yu noted.
Hilton Garden Inn, at 220 E. Grande Blvd. is situated on 6.6 acres, and opened in the mid-2000s. Homewood Suites by Hilton is on 2.2 acres at 3104 Golden Rd., and opened in 2016.
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