Mobile, AL – Edgecap Partners III LLC, an affiliate of Edgewater Group LLC, is pleased to announce the acquisition of two Marriott hotels, the TownePlace Suites and the Fairfield Inn and Suites both located in Mobile, AL by Montlimar Hospitality LLC and Service Hospitality LLC, wholly owned subsidiaries of Edgewater Valley Forge Fund III LP.
The TownPlace Suites, located at 1075 Montlimar Drive, is a 93 room extended stay hotel centrally located in Mobile, within a 15-minute drive of Mobile Botanical Gardens and History Museum of Mobile. This hotel is 5.7 mi (9.3 km) from Oakleigh Historic Complex and 11 mi (17.7 km) from Gulf Coast Exploreum. Amenities include Free Wi-Fi, Free Breakfast, Swimming Pool, Fitness Center and Business Center.
The Fairfield Inn and Suites, located at 950-A West I-65 Service Road South, is a 78 room hotel within close proximity to the University of South Alabama, University of Mobile and Springhill College. Amenities include Free Wi-Fi, Free Breakfast, Fitness Center and Business Center
The properties were acquired for $9,750,000. Financing was provided by Centennial Bank.
Founded in 2008, Edgewater is a boutique multidisciplinary real estate firm that provides value-add investment services, management and distressed advisory services. Edgewater’s unique focus is on the micro and middle market segments in secondary and tertiary locations in the United States