A Florida-based hospitality company is expanding its portfolio in the South.
McKibbon Equities has purchased Courtyard Atlanta Buford Mall of Georgia. The 110-key property northwest of Atlanta was purchased from an affiliate of Hotel Equities and represents the second portfolio investment for McKibbon Income Fund I, a real estate investment fund focused on acquiring existing select-service and extended-stay hotels.
Originally constructed in 2009, the hotel is near the Mall of Georgia, Lake Lanier and The Exchange @ Gwinnett, a new mixed-use development featuring a mix of retail, dining, entertainment and residential real estate.
McKibbon will renovate all guest rooms and public spaces, which will be carried out by McKibbon Places, the company’s construction and renovation vertical. McKibbon Hospitality, which currently has more than 100 hotels in its portfolio, will operate the property.
“We’re excited to be expanding our footprint in the Atlanta Metro with the purchase of Courtyard Buford,” said McKibbon Senior Vice President of Acquisitions Matthew Ram. “It’s been a challenging transactional market over the last few years, and we are pleased to have acquired a high quality newer-vintage Courtyard at an attractive basis.”
Synovus Bank provided debt financing for the transaction. The seller was represented by David Perrin of Hunter Hotel Advisors.
The investment represents the second acquisition completed by McKibbon Income Fund I following the August 2023 acquisition of the Hampton Inn & Suites Clearwater/St. Petersburg-Ulmerton Road.
2 Responses
The name of the building was “First National Bank”. I worked there in the early ’70s.
Good luck to the developers.
I wish they could keep the original exterior façade of the building. But, I know it does not fit Marriott’s design.