Hamister Group, LLC Sells Hotel in Greater Memphis Area
September 17, 2019
Hamister Group, LLC, a nationally recognized hospitality management company, has sold the Holiday Inn in Southaven, Mississippi. The property was acquired in December of 2012 and the sale closed on September 6, 2019. The sale resulted in strong returns for the hotel’s shareholders, providing an IRR of 22.9% net of fees or 2.6x Equity Multiple.
The five-story Holiday Inn is the largest full-service hotel in Southaven, boasting 121 beautifully designed guest rooms just fifteen miles from Beale Street in Downtown Memphis, TN.
“Years ago, we seized the opportunity to infuse a high cash flowing asset into our portfolio, and it paid off,” said Dan Hamister, EVP & CIO. “This opportunistic approach to portfolio management is complementary to our value-add strategy of securing underperforming assets, infusing them with much-needed capital and our customer-centric hospitality model, stabilizing them, and delivering exceptional returns for our shareholders.”
“Our strategy, built on over 42 years of experience, has enabled us to seek higher than anticipated returns for our investors. I am truly proud of the results from this project and look forward to sharing the future results of Hamister Real Estate Equity Fund III, which is currently open for investment opportunities,” Mark Hamister, Chairman and CEO added. “This is an exciting time, and we anticipate engaging in more transactions that meet our disciplined and rigorous approach.”
About Hamister Real Estate Equity Fund III, LP (Fund III): Hamister Real Estate Equity Fund III, LP is a private real estate fund designed to offer investors both growth and cash-flow oriented, tax-advantaged investment vehicles through a diversified portfolio of middle-market hotels and senior housing facilities which have historically been resistant in recessionary markets. At the time of this publication, Fund III, which is sponsored by Hamister Group, LLC, remains open for investment by accredited investors only. Investment is offered strictly via private placement memorandum. For additional information and certain disclosures regarding Hamister Real Estate Equity Fund III please visit Hamistergroup.com/investments.
Hamister Group, LLC is a recognized leader in healthcare and hotel management, with over 42 years of history and an exceptional record of business success. We focus on providing exceptional service for our customers and have earned a sterling reputation for delivering superior management results. www.hamistergroup.com