Birmingham Boutique Hotel Portfolio
Birmingham Boutique Hotel Portfolio
HREC Investment Advisors (HREC) is pleased to introduce the opportunity to acquire the fee simple interest in two soft branded Hilton products, historic hotels (the Hotels or Properties) located four blocks from one another in downtown Birmingham, AL: • 96-room The Kelly Birmingham, Tapestry Collection by Hilton • 120-room Redmont Hotel Birmingham, Curio Collection by Hilton
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- Property Type
- Hotel & Hospitality
- Deal Type
- Acquisition
- Risk Profile
- Core
The Hotels represent two of the premier luxury properties in downtown Birmingham. The Kelly and the Redmont Hotel provide the opportunity to acquire and thereafter control a significant portion of the downtown Birmingham boutique hotel market. Given their proximity, the Hotels operate in a complementary manner that takes maximum advantage of each Hotel’s specific product offering.
Important demand generators for these Hotels include:
- Corporate Demand: Alabama Power Company, Security Engineers Inc, Viva Health Administration, Labcorp, and Regions Financial Corporation
- Healthcare: UAB Hospital and Ascension St. Vincent’s Birmingham
- Education: University of Alabama at Birmingham (one of three main campuses in the University of Alabama System), University of Alabama at Birmingham School of Medicine, Samford University, Birmingham-Southern College, and Miles College
- Events: Honda Indy Grand Prix of Alabama, Sidewalk Film Festival, Mercedes-Benz Marathon Weekend, and Magic City Classic
In the past 12 months in the Birmingham hospitality market, monthly occupancy has averaged 62.8%, essentially matching the national average of 62.7% for the same period. Birmingham weathered the impact of COVID-19 better than most. Since then, its recovery has kept pace with the hospitality market standard.
- Kelly – ADR = $161.07 (94.7% Comp Index)
- Redmont – ADR = $170.23 (100.1% Comp Index)