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Courtyard Memphis Southaven
JLL Capital Markets announced on Dec. 3, 2024, that Woodvale Opportunity Fund I has acquired several hotel assets in Memphis and a suburb of Atlanta. The acquisitions include the $25 million Southaven Marriott Portfolio and the $11 million Fairfield Inn & Suites Buford.
The Southaven Portfolio includes the Courtyard Memphis Southaven and the Residence Inn Southaven, located in Southaven, Mississippi, within the greater Memphis metropolitan area. The Fairfield Inn & Suites Buford, situated in a northern suburb of Atlanta, includes 94 suites. The portfolio was purchased from Chartwell Hospitality.
Built in 2006 and 2007, these hotels offer all-suite accommodations, complimentary hot breakfast, flexible meeting space, and fitness centers. Their strategic locations provide easy access to major attractions and business centers, including Memphis International Airport, Downtown Memphis, Baptist Memorial Hospital DeSoto, and popular retail destinations.
Woodvale’s Vice President of Investments, Bashir Mansour, said the acquisitions underline the company’s commitment to adding high-quality, strategically located assets to their portfolio. He expects these assets to provide strong returns for investors while supporting the growth of their respective local hospitality sectors.
The JLL Capital Markets team, led by Managing Director C.J. Kelly and Senior Director Bobby Norwood, mentioned that the acquisitions align well with Woodvale’s strategy of securing well-positioned assets with strong yields and upside potential. Kelly added that Woodvale’s all-cash acquisition strategy enabled them to acquire assets at prices below market standards.
JLL Capital Markets, a global provider of capital solutions for real estate investors and occupiers, has over 3,000 Capital Markets specialists worldwide and operates in nearly 50 countries.
