Charleston, S.C. / Boca Raton, FL, October 26, 2022 — Montford Group announced it has closed on the acquisition of three select-service Marriott- and Hilton-branded hotels totaling 430 rooms in Myrtle Beach, SC, Charlotte, NC, and Roanoke Rapids, NC.
The portfolio comprises the fee simple interests in the 135-room Courtyard Myrtle Beach Broadway, the 147-room Hilton Garden Inn Roanoke Rapids, and the 148-room Courtyard Charlotte Airport. Montford Group will invest in substantial physical enhancements across the portfolio while optimizing operations to drive market share and increase profitability. The company hired Aimbridge Hospitality, the nation’s largest third-party hotel management company, to operate the North Carolina hotels; Marriott manages the Courtyard Myrtle Beach.
The Carolinas portfolio caps an acquisition streak of six hotels and hotel developments in a single fall, including the recently acquired Hilton Garden Inn Miami Beach and Aloft Charleston Airport. In the prior 18 months, Montford Group raised over $120 million in equity and expanded its asset base to over $400 million, primarily focused on hospitality.
“We are thrilled to add these three outstanding properties to our ever-growing portfolio,” said Glenn Alba, Co-Founder and Managing Partner of Montford Group. “We are buoyed by the confidence of our investors and lender partners as we continue to grow Montford Group in a thoughtful manner to deliver strong risk-adjusted returns.”
“We will continue to take advantage of the market dislocation for hospitality acquisitions as we seek off-market acquisitions and compelling development opportunities in premier, high-growth locations with healthy business and leisure demand,” said Sunju Patel, Co-Founder and Managing Partner of Montford Group.
Courtyard Myrtle Beach Broadway is located minutes from the beach, across from the Pelicans Ballpark, Coastal Carolina University, and a five-minute walk to Broadway at the Beach, a retail and entertainment destination. The property completed a full interior renovation in April 2022 following an exterior renovation in 2019.
Hilton Garden Inn Roanoke Rapids is the leading hotel asset in its market, located directly off Interstate 95 and adjacent to the historic Roanoke Rapids Theatre. Montford Group plans a multimillion-dollar upgrade comprising exterior improvements and a comprehensive interior renovation.
Courtyard Charlotte Airport North is one of the closest hotels to Charlotte Douglas International Airport, ten minutes from the Whitewater Center and Bank of America Stadium, home of the NFL Carolina Panthers.
