Lingerfelt Commonwealth Sells Five Hotels in Orlando, Florida, Atlanta, Georgia, and Charlotte, North Carolina

RICHMOND, Va., Dec. 18, 2018

Commonwealth Lodging Management, a hospitality management and consulting affiliate of Lingerfelt Commonwealth Partners based in Hampton Roads, VA, managed all operations and repositioning of the hotels over the last three years, including comprehensive renovations totaling nearly $8.5 million.  "The significant reinvestment in these properties, along with strong leadership teams in place at each location, positioned these assets as top performers in their respective markets," said Duane Gauthier, Managing Director of Commonwealth Lodging.  "It was an incredible opportunity to have this portfolio of hotels under the Commonwealth Lodging umbrella and we know they are poised for continued success."

"We initially identified this portfolio of hotels as an opportunity to acquire well-maintained assets, below replacement cost, with great brands in strong markets that we believed were likely to benefit from continued long-term growth," said J. Ryan Lingerfelt, President and Chief Investment Officer of Lingerfelt Commonwealth.  "Over the last several years, Commonwealth Lodging successfully implemented our strategic renovation and repositioning plan, resulting in significant long-term improvement to average daily rates, guest satisfaction ratings, and average occupancy.  This is an opportune time to sell this portfolio and we are excited to deliver exceptional value to our investors."

The portfolio is comprised of the following assets:

1. Fairfield Inn & Suites by Marriott Orlando Lake Buena Vista: 170 rooms
   12191 South Apopka Vineland Road
   Lake Buena Vista, Florida 32836
   
   
2. Fairfield Inn by Marriott Orlando Airport: 139 rooms
   7100 Augusta National Drive
   Orlando, Florida 32822
   
   
3. DoubleTree by Hilton Atlanta North Druid Hills – Emory Area: 208 rooms
   2061 North Druid Hills Rd NE
   Atlanta, Georgia 30329
   
   
4. Hampton Inn Atlanta – North Druid Hills: 111 rooms
   1975 North Druid Hills Road
   Atlanta, Georgia 30329
   
   
5. Courtyard by Marriott Charlotte Gastonia: 130 rooms
   1856 Remount Road
   Gastonia, North Carolina 28054

More on Lingerfelt Commonwealth can be found on the web at www.LingerfeltCommonWealth.com.

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