US: Denver-based Mission Hill Hospitality has acquired the 25th hotel for its select service and extended stay portfolio.
The company acquired the Hanover Lebanon Courtyard by Marriott, a 124-key property in Lebanon, New Hampshire.
Mission Hill Hospitality focuses on transforming select service and extended stay hotel investing. This is its first investment in New Hampshire and its seventh in New England.
Hanover Lebanon Courtyard by Marriott is the 25th hotel added to the Mission Hill Hospitality portfolio since the company was launched in March 2021. Terms of the deal are undisclosed.
Mike Wilbert, Managing Director, Mission Hill Hospitality said: “This acquisition supports our continued growth strategy of investing in premium branded, select service hotels located in diversified markets, particularly those driven by education, medical, corporate and leisure demand. The Lebanon area is experiencing significant growth and development, and this asset is well positioned to meet expanding needs.”
Hanover Lebanon Courtyard by Marriott is in close proximity to Dartmouth College, with an enrollment of approximately 6,600 students and nearly 3,000 staff.
The extended stay hotel is also across the road from the Dartmouth Hitchcock Medical Center, which is constructing a new patient pavilion which will occupy 212,000 square feet over a five-story structure and add 112 patient beds. Construction is expected to be completed in early 2023.
The hotel offers a mix of guestrooms and suites, including many with accessibility features, an indoor pool, whirlpool, fitness centre, a 24-hour business centre, and 2,500 sqft of meeting space.
Mission Hill Hospitality invests exclusively in the select service and extended stay hotel sector. The Denver-based firm focuses on value-add and development projects that present significant opportunity given market and economic conditions.
Last year SAN reported on Mission Hill’s acquisition of the dual branded Aloft and Fairfield Inn & Suites in Savannah, Georgia.
