Sage Lane Partners, a private equity real estate firm that specializes in sourcing, acquiring, developing and asset managing investment properties, and Ocala, Fla.-based Ark Holdings have jointly acquired the 101-room Hampton Inn & Suites in Prattville, Ala. Ark Hospitality will operate the hotel.
“The Hampton Inn & Suites Prattville marks the first acquisition of Sage Lane Partners, though it is by no means our first hotel investment property,” Bhavnesh Vivek, managing partner, Sage Lane Partners, said in a statement. “With more than 40 years of hospitality experience, our executives have closed on more than 40 transactions and have provided investment, advisory and/or asset management services for more than $3 billion of hotel real estate. Both our acquisition and development pipelines remain full, and we look forward to adding as many as three hotel acquisitions and breaking ground on two development deals this year.”
Located at 2590 Cobbs Ford Road just off I-65, the hotel is across the street from Bass Pro Shop and 10 minutes from downtown Montgomery. Hotel amenities include a 24/7 fitness center, outdoor pool, business center and 576-square-feet of event space.
“At Sage Lane Partners, we seek to uncover unrealized value by identifying off-market and often neglected real estate opportunities,” said Bhavin Vivek, managing partner, Sage Lane Partners. “We partner with high net worth and institutional investors to apply our asset management expertise for value-add and opportunistic investments. Sage Lane Partners offers flexible capital solutions, enabling diversification into unconventional markets and commercial ventures, ultimately delivering substantial returns. The Hampton Inn & Suites is the embodiment of this strategy, and we look forward to expanding our portfolio nationwide as we achieve our own growth goals.”
“We look forward to collaborating with the Sage Lane Partners team to apply our vast experience to the Hampton Inn & Suites as we implement sophisticated strategies to drive cash flow and maximize the value of the asset while providing an elevated experience to the hotel,” said Azim Saju, chief executive officer, Ark Holdings.
“Prattville is a vibrant and growing market ideal for a select-service hotel that provides the latest amenities most requested by business and leisure travelers to the area,” said Ed Denning, president, Raleigh-based Ark Development. “Working with the Sage Lane Partners team, we are excited to be a part of and have a positive impact on the local community.”