Miami-based investment firm Flacks Group acquires the 180-room Crowne Plaza North Augusta, an IHG Hotel in Augusta, Ga. Other terms and conditions were not disclosed. The property is located on the banks of the Savannah River and a short distance from the Augusta National Golf Club, home of The Masters Tournament.
Built in 2019, the Crowne Plaza North Augusta caters to business and leisure travelers, especially during key events such as The Masters Tournament and the Augusta National Women’s Amateur. The hotel has meeting spaces along with acclaimed dining options, including the steakhouse Salt + Marrow and the rooftop bar Jackson’s Bluff.
Adjacent to the Augusta GreenJackets’ minor league baseball park and situated within the expanding Riverside Village community, the hotel has easy access to high-end retail, luxury housing, cultural attractions, and diverse cuisine.
“We saw a compelling opportunity with the Crowne Plaza North Augusta, a newly built, full-service luxury hotel in a prime location within one of America’s most celebrated tourist destinations,” Michael Flacks, Chairman, CEO and founder of Flacks Group, said in a statement. “The hotel’s close proximity to the Augusta National Golf Club and the unrivaled Riverside Village location makes it an ideal asset for our real estate portfolio.”
Flacks Group was represented by Hodges Ward Elliott and advised by Blue Lotus Ventures in this acquisition. Financing was provided by J.P. Morgan.
The company is actively searching for more hospitality properties as it continues to invest in U.S. real estate.