WACO, Texas, Sept. 5, 2017 /PRNewswire/ -- Civitas Capital Group ("Civitas"), a leading independent specialty asset management and financial services firm, and Atlantic Hotels Group ("Atlantic"), an experienced hotel developer, owner, and operator, have closed on the acquisition of the 93-room TownePlace Suites in Waco, Texas. Atlantic Hotels Group, with which Civitas has executed more than $100 million of hotel development transactions, becomes the hotel's management company.
The TownePlace Suites hotel is in Legends Crossing, one of the fastest-developing areas of Waco. Legends Crossing is a 150-acre mixed use development next to Baylor Scott & White Medical Center Hillcrest, less than a 10-minute drive from Baylor University, downtown Waco, and the famous Magnolia Market.
The TownePlace Suites opened in 2016 with 822 feet square feet of meeting space, outdoor pool, fitness center, and business center.
"TownePlace Suites by Marriott was recently named one of the 120 most-trusted U.S. brands, so of course we're excited at the acquisition," said Caroline Perel, managing director for Civitas. "The Waco market is booming now. It's equidistant from Dallas and Austin, and this property is at I-35 and Highway 6 — perfectly situated to capitalize on the 20 percent increase in travel spending Waco has seen since 2010."
Civitas's Lodging team has developed and renovated projects totaling over $1.5 billion, with an expertise that spans the breadth of industry sub-specialties, including the acquisition, development, financing, strategic positioning and branding, asset management, and disposition of hotels. Atlantic Hotels Group is a hotel developer and operator with extensive experience in the Texas hotel market. It currently manages seven hotels and has eight hotels under development.
This is the second phase of Civitas and Atlantic's plan to acquire two existing select-service hotels in Waco: the 120-room Holiday Inn Express & Suites, and the adjacent property TownePlace Suites. The two hotels were managed by different operators, and both are now managed by Atlantic Hotels Group.
"Our ongoing partnership with Civitas Capital has yielded excellent results for investors and travelers alike," says Perry Molubhoy, CEO of Atlantic Hotels Group. "We are delighted to expand our association with Civitas in a burgeoning Texas market like Waco, and we look forward to growing that partnership in the future."
About Civitas Capital Group
The Civitas Capital Group family of companies provides a range of products and services for institutional investors, family offices, and qualified individuals. Through its affiliates, the firm offers investment strategies to people interested in investing in the EB-5 Program for immigration purposes or in the U.S. real estate market through our Alternative Investment division. For more information, please visit civitascapital.com.
About Atlantic Hotels Group
Atlantic Hotels Group is a rapidly expanding hotel owner and operator. Atlantic continues to embark on a strategic growth plan that compliments and supplements hotel ownership and operations. Franchisees of Marriott, Hilton, Starwood, and InterContinental Hotels, Atlantic combines extensive resources and unparalleled depth and dexterity that allow the company to succeed in any marketplace. For more information, please visit atlantichotelsgroup.com.
About TownePlace Suites by Marriott
TownePlace Suites by Marriott is an all-suite, extended-stay hotel brand for travelers who want to feel at home and stay productive while on the road. Ideal for longer stays, TownePlace Suites offers studio, one-bedroom, and two-bedroom suites with fully equipped kitchens and separate living/working and sleeping areas. For more information about TownePlace Suites by Marriott or to book reservations, visit towneplacesuites.marriott.com.
This press release does not constitute an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Civitas' track record includes projects and work product of Juno Development, an entity that merged with Civitas in January of 2013 after having worked together for many years. Past performance is not necessarily indicative of future results.
SOURCE Civitas Capital Group