Hilco Real Estate, LLC announces the successful sale of this 101,117 SF Residence Inn by Marriott Jackson on behalf of Wealth Hospitality Group. Sitting on three acres, this four-story, 92-room hotel sold to Ridgeway Investment Management, a 1031 buyer for $13,100,000, totaling $142,391 per key room. This listing was marketed to a small group of select buyers who wanted to move quickly on this well-kept hotel, which features two elevators, a meeting room, business center, fitness center, indoor pool, sports court, and an outdoor picnic area with barbeques for grilling.
The Residence Inn – Jackson is within driving distance from numerous attractions and demand generators. Jackson is in the western region of Tennessee, midway between the major cities of Memphis and Nashville. Main attractions to the area include the Carnegie Tennessee Legends of Music Museum, the Rockabilly Hall of Fame, the Casey Jones Home & Railroad Museum as well as several universities. The total population is roughly 66,977, representing a 12% growth from the 2000 census, making it the eighth largest city in Tennessee. The U.S. Conference of Mayors’ City Livability Awards Program recently awarded Jackson as the “Most Livable City in America” for populations under 100,000, indicating that growth is expected to continue in the area.
Keith Worsham, senior vice president of Hilco Real Estate’s national hotels team, stated, “This sale represents a great turnkey opportunity in a city primely located in Tennessee, near many demand generators and local tourist hot spots.”
For more details about the strategy and closing of this sale, please contact, please contact Keith Worsham at (404) 514-0242 or kworsham@hilcoglobal.com; Adam Zimmerman, MAI, at (847) 504-2461 or azimmermann@hilcoglobal.com; Weston Worsham at (404) 304-4993 or wworsham@hilcoglobal.com; or Jordan Schack at (847) 504-3221 or jschack@hilcoglobal.com.
About Hilco Real Estate
Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
