Baltimore, MD – Alex. Brown Realty (ABR) and Hotel Development Partners (HDP) are pleased to announce the sale of the Courtyard by Marriott Atlanta Alpharetta/Avalon Area to an entity backed by JMREI and Lionshead Capital Partners. The Atlanta team of Hodges Ward Elliott brokered the transaction.
The ABR/HDP joint venture developed the 115-room Courtyard, which opened in early-2019. “We are proud to have brought this state-of-the-art Courtyard to Alpharetta. It was extremely well-received and is among the finest examples of the Courtyard brand,” said Allen O’Brien, CEO of HDP. Hotel Equities, an affiliate of HDP, managed the hotel on behalf of the joint venture.
“We are extremely pleased with the attractive return that this investment has generated for our investors,” stated Tom Burton, Senior Managing Director and CIO of ABR. “The HDP team proved to be a strong partner and we look forward to working with them on future deals,” added Burton. The Courtyard hotel represents the first joint venture between ABR and HDP.
Alex. Brown Realty (ABR) is an independent real estate investment manager specializing in value-add, opportunistic, and core-plus investments in the middle market. The firm was founded in 1972 by the partners of Alex. Brown & Sons, a Baltimore-based investment bank organized in 1800. Since the inception of the firm, ABR has acquired over $4 billion of assets, representing over 400 transactions. ABR has sponsored five real estate funds and is currently marketing its sixth fund. The firm is an SEC-registered investment advisor. www.abrealty.com
Hotel Development Partners (HDP) is an Atlanta-based hospitality company who has developed 14 hotels in Atlanta, Miami Beach, N. Charleston, SC and Jacksonville, FL This includes 13 Marriott branded hotels. Principals are Robert J. McCarthy, Allen T. O’Brien and Frederick W. Cerrone. For more information, visit www.hdpfunds.com
Hotel Equities (HE) is an Atlanta-based full-service hotel ownership, management and development firm operating more than 100 hotels throughout North America. Frederick W. Cerrone, CHA, serves as Chairman and Chief Executive Officer. Brad Rahinsky serves as President and Chief Operating Officer. For more information, visit www.hotelequities.com