North Point Hospitality Group, Inc. Completes Sale of Two Savannah Hotels
SAVANNAH, GA. July 28, 2015 — North Point Hospitality Group, Inc., an award-winning Atlanta based hotel development and operations company, announced today that it has completed the sale of its Hilton Garden Inn Savannah Midtown and Hampton Inn & Suites by Hilton Savannah Midtown hotels.
"The Hilton Garden Inn and Hampton Inn & Suites by Hilton Savannah Midtown have proven to be very successful performers since the properties first opened," said S. Jay Patel, President and CEO of North Point Hospitality Group. "We continue to be optimistic about the Savannah market and our growing presence there. Additionally, this transaction paves the way for our future development plans. By year end, we expect to break ground on four hotels in the Southeast comprising of 615 rooms at a Total Project Development Cost of over $155,000,000."
Currently NPHG has two hotels under construction in Savannah, a 145 unit Fairfield Inn & Suites in Savannah Midtown and a 162 unit Homewood Suites by Hilton Savannah Historic District / Riverfront as a part of the company's newest development, River Street East. River Street East is a phased mixed-use riverfront development in Savannah's famed Historic District including multiple hotels, retail space, riverfront dining with captivating views of the Savannah River, 360 linear feet of floating dock, and a 500 space parking structure, all wholly owned and operated by NPHG at a total build out cost in excess of $170,000,000. NPHG also has plans for five additional hotels all located within Savannah's Historic District.
About North Point Hospitality
Based in Atlanta, GA, North Point Hospitality Group is an award-winning hotel development and operations company. Currently the company owns and operates five Hilton branded hotels in the Southeast, in addition to the SpringHill Suites by Marriott Lumberton, NC, the Fairfield Inn & Suites by Marriott Savannah Midtown and the Homewood Suites by Hilton Savannah Historic District / Riverfront, currently under construction. NPHG plans to open 10 more hotels in the next four years at a Total Project Development Cost of $350,000,000. For more information on North Point Hospitality Group, visit www.NorthPointHospitality.com or contact Jackie.Schott@northpointhospitality.com.
Contact:
Jackie Schott
Jackie.Schott@northpointhospitality.com
912.790.4761
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