RobertDouglas Advises Affiliates of Concord Hospitality, Whitman Peterson, and Creation Gardens on The Successful Sale of The AC Hotel Louisville Downtown

USA, New York City, New York. November 10, 2022

RobertDouglas announced today that it represented, as exclusive advisor, Affiliates of Concord Hospitality, Whitman Peterson, and Creation Gardens in the successful marketing and sale of the AC Hotel Louisville Downtown. The transaction was valued at $51 million.

The institutional-quality asset, newly built in 2018, features 156 guestrooms, the 3,290-SF leased restaurant bar Vetti, 2,629 SF of meeting space, and a parking garage with 187 spaces.

The Hotel is desirably located in the heart of Downtown Louisville's hippest neighborhood, the East Market District or New Louisville ("NuLu"), which is home to award-winning restaurants and some of the most renowned distilleries, breweries, and eateries in Kentucky.

Within a mile radius, Downtown Louisville features over 17 million SF of office space, including the headquarters of Humana and Kindred Healthcare. In addition, Downtown Louisville is home to the recently renovated and expanded 960,000 SF Kentucky International Convention Center, the 22,000-seat KFC Yum! Center Arena, the 13,000-seat Louisville Slugger Field, and the 12,000-seat Louisville City Football Club Stadium.

Patrick Tan, RobertDouglas Vice President, commented, "NuLu will be the beneficiary of a $500 million real estate development pipeline that will transform the landscape of both the submarket and Louisville as a whole. The AC Hotel Louisville Downtown will be at the center of this growth for many years to come"

"The AC Hotels by Marriott brand continues to be a rising star among the premium-branded select service category," added Evan Hurd, RobertDouglas Principal and Managing Director. "We are proud to have represented Affiliates of Concord Hospitality, Whitman Peterson, and Creation Gardens in this competitive sale process. The high level of interest in this sale speaks volumes to their visionary development strategy. This transaction represents a record price for the market, and continues what has been an outstanding year for our firm."

According to Paul Novak, Whitman Peterson Executive Director, "The RobertDouglas team recognized the value of this hotel and executed through the difficult capital market environment. We value our relationship with RobertDouglas and are delighted with the outcome of this transaction."


AC Hotel
/ SLIDES

About RobertDouglas

Business Contact:

Paul Kesman
Principal
PDK PR
T: +1 248-321-2035
E: [email protected]
W: http://www.robert-douglas.com

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The pandemic provoked more than a global health crisis. It also disrupted world economies, financial markets and social systems on a massive scale. Naturally, there are legal consequences associated with this kind of severe business disruption and the issues will be litigated for years to come. In the hotel industry, there are several issues that are currently germane. One issue pertains to the legal obligations hotels have to re-hire employees who were laid off due to the pandemic. Lawsuits have been filed by former employees who claim that certain promises were made to them when they were furloughed, and they are suing hotels for breach of implied contract. Another major issue involves hotels suing their insurance companies for failing to cover their business losses due to the pandemic. Still other hotels have brought lawsuits against local governments for the strict restrictions that were placed on their businesses, chiefly restaurants and bars. These are just a few of the legal issues that will be addressed in the December issue of the Hotel Business Review.