SAVANNAH, Georgia – (BUSINESS WIRE) – May 25, 2021 –
Wheelock Street Capital announced that it has acquired Perry Lane Hotel, a member of the Marriott’s Luxury Collection brand, a 167-room, soft-branded luxury hotel located at 256 E Perry Street in Savannah, Georgia.
Purpose-built in 2018, the hotel has two 5-story towers with 167 rooms, including 12 suites, over 9,000 square feet of event space, three separate dining outlets with a rooftop terrace and swimming pool and over 1,200 distinct objects and works of art. The property enjoys an exceptionally central location in historic Savannah, close to the Bull Street Corridor and Chippewa Square.
Known as Georgia’s first city, Savannah has grown from Georgia’s best-kept secret to one of Georgia’s fastest growing cities over the past two decades, boasting a rich tradition and setting. carefully preserved colonial which has attracted new residents and visitors in record numbers. . As a primarily drive-to destination, Savannah’s primary departure markets include Atlanta, South Florida, and North Carolina, among others, which represent some of the fastest growing regions in the country. This is demonstrated in 9 consecutive years of record visitor spending and 10 consecutive years of record visits before the COVID-19 pandemic.
Sage Hospitality Group, one of the leading hotel management, development and investment companies in the United States, was instrumental in the conception, development and launch of the property concept. Sage, which operates a portfolio of nearly 60 hotels and over 30 food and beverage concepts, will continue to maintain management responsibilities under the ownership of Wheelock.
“This acquisition marks Wheelock’s first hotel purchase in the Savannah market. The property’s institutional quality, its A + location in the historic district and its unique scale development in a leading leisure market matched our current acquisition criteria perfectly. The market and real estate continue to outperform our expectations and are both well ahead of the broader recovery curve in the United States, ”said Tim Hodes, director and head of hotel acquisitions at Wheelock Street Capital. “We look forward to continuing the tremendous progress Sage has made to date and further solidifying the property’s position as Savannah’s premier luxury hotel.”
Hodges Ward Elliott (“HWE”) organized the sale of Perry Lane Savannah.
About Wheelock Street Capital
Wheelock Street Capital ( https://wheelockst.com/ ) was founded in 2008 by Rick Kleeman and Jonathan Paul, two seasoned real estate private equity investors, each with 30 years of experience in real estate transactions across all major asset classes. Wheelock has raised over $ 4 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities across the United States, in the public and private markets. Wheelock is currently deploying its sixth fund in its value-added series, Wheelock Street Real Estate Fund VI and its first perpetual life fund, Wheelock Street Long Term Value Fund. Along
The Value Term Fund targets high quality cash flow assets with stable but attractive risk-adjusted returns over an investment horizon of 5 to 15 years. The firm may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings and recapitalizations. The Wheelock investment team has extensive experience of leading institutional investment firms and highly regarded real estate operating companies and has produced a 10-year history of demonstrated and consistent outperformance against benchmarks. industry benchmark.
About Sage Hospitality
Founded in 1984, Sage Hospitality Group is a Denver-based hotel management, investment and development company comprised of four distinct companies: Sage Hotel Management, Sage Restaurant Concepts, Sage Investments and Sage Studio.
- Sage Hotel Management is a passionate group of accomplished industry veterans who have led the way in defining experiential hospitality while maintaining a reputation as top-notch operators and consistently delivering results. With a diverse portfolio of more than 50 hotels across the United States, Sage Hotel Management is deeply invested in managing independent, soft-branded, luxury, lifestyle and upscale hotels from coast to coast. the other.
- Sage Restaurant Concepts, founded in 2005, has more than 30 restaurants, bars and cafes in 11 states nationwide in major cities such as Chicago, Denver, Philadelphia and Portland. Comprised of seasoned restaurateurs and innovators, SRC is committed to constantly creating exceptional experiences that bond with guests and believes in the power to impact lives through hospitality.
- Sage Studio gives structure to what Sage has long been known for: creating places people want to go, not through. Sage Studio is dedicated to creating spaces that merge creativity and ingenuity to usher in a new standard in hospitality. From restaurants and branded hotels, to sweet brands and independent properties, Sage Studio creates brands rooted in concise and compelling messages that allow these companies to tell their unique stories.
- Sage Investments brings a deep understanding of markets and risks to the business, allowing Sage to gain a reputation not only as a great operator, but also as a great and determined investment partner. Whether investing for the short term or the long term, Sage Investments strives to achieve disproportionate returns for its partners by finding and adding value in unique and exclusive ways.
To learn more about Sage Hospitality Group and its companies, visit sagehospitalitygroup.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210525005806/en/
Media contact: Tim Hodes, 203-413-7719
KEYWORD: UNITED STATES NORTH AMERICA GEORGIA
INDUSTRY KEYWORD: LUXURY HOLIDAY ARCHITECTURE OTHER TRAVEL OTHER CONSTRUCTION AND PROPERTY ACCOMMODATION DESTINATIONS COMMERCIAL BUILDING AND REAL ESTATE TRAVEL CONSTRUCTION AND PROPERTY DETAIL REIT INTERIOR DESIGN
SOURCE: Wheelock Street Capital
Copyright Business Wire 2021.
PUB: 05/25/2021 12:16 p.m. / DISC: 05/25/2021 12:16 p.m.
Copyright Business Wire 2021.