RobertDouglas Represents MCR in Its Sale of Three Premium Select-Service Properties Totaling 330 Rooms to the Braintree Group
Courtyard by Marriott and Springhill Suites in Lehi, Utah and Hilton Garden Inn in Henderson, Nevada
RobertDouglas announced today that it represented MCR in its sale of three premium select-service properties to the Braintree Group, which will be managed by Resolute Road Hospitality, The Braintree Group's preferred management team.
Totaling 330 rooms, the properties include the Courtyard by Marriott Lehi at Thanksgiving Point and the SpringHill Suites by Marriott Lehi at Thanksgiving Point, both in Lehi, Utah; and the Hilton Garden Inn Las Vegas/Henderson, in Henderson, Nevada. Braintree plans to launch a renovation to the SpringHill Suites by Marriott and a property refresh of the Courtyard by Marriott at the end of 2024, while the Hilton Garden Inn Las Vegas/Henderson opened in 2007 and underwent a renovation in 2020.
Lehi, Utah lies between Salt Lake City and Orem-Provo along I-15. Of note, Texas Instruments plans a $11 billion expansion of its microchip fabrication plant based in Lehi. This Texas Instruments chip factory at its Lehi Silicon Slopes location will add 800 jobs to the existing 1,100 at the site.
"These are great limited services properties with strong cash flow in place," said RobertDouglas Managing Director Andrew Broad. "The transaction, with good seller return for MCR and value-add opportunity for Braintree, is representative of the deals that can still happen in the current hotel transaction marketplace. Also, the new Texas Instrument plant is the largest single investment in Utah history."
Jack Carr, Principal with Maxim Hotel Brokerage of Newport Beach, CA, assisted RobertDouglas in the transaction.
"Andrew Broad and the RobertDouglas team adroitly navigated this off-market transaction for us, securing an outstanding buyer for these three properties, during this difficult capital market environment. We value our relationship with RobertDouglas and are delighted with the outcome of this transaction," said Joe Delli Santi, Chief Investment Officer for MCR Development.