Scope of Work:
Mark Beadle a Hotel Broker: Just Sold-Guest House Southside – Savannah, Georgia
Description of Project:
Mark Beadle a Hotel Broker in Atlanta Georgia with HTL Hospitality Advisors is pleased to announce the recent sale of the Guest House Southside in Savannah, Georgia. HTL represented the seller, a local Savannah individual in the transaction, which saw the 102-unit extended stay property close on July 27th. The buyer of the property was a Savannah based investment entity. The buyer plans a complete renovation of the hotel as part of its plan to reposition the property within the marketplace. The operating statistics for the property reflect that the hotel ran high 50’s and mid 30’s occupancy and average daily rate respectively. The property traded at about a two times room revenue multiple. Financing for this transaction was provided through South Coast Bank & Trust in Brunswick, GA.