Civitas Capital Group, an independent specialty asset management and financial services firm, and Atlantic Hotels Group, a hotel developer, owner, and operator have closed on the acquisition of the 120-room Holiday Inn Express & Suites in Waco, Texas. Atlantic Hotels Group, with which Civitas has executed more than $100 million of hotel development transactions, becomes the hotel's management company.
The Holiday Inn Express & Suites is situated in Legends Crossing, Waco.
The property opened in 2014 with 1,922 feet square feet of meeting space, indoor pool, fitness center, and business center.
"The Waco market is booming now. It's equidistant from Dallas and Austin, and this property is at I-35 and Highway 6 -- perfectly situated to capitalize on the 20 percent increase in travel spending Waco has seen since 2010," said Caroline Perel, managing director for Civitas.
Civitas's Lodging team has developed and renovated projects totaling over $1.5 billion, with an expertise that spans the breadth of industry sub-specialties, including the acquisition, development, financing, strategic positioning and branding, asset management, and disposition of hotels. Atlantic Hotels Group is well experienced in the Texas hotel market. It currently manages seven hotels and has eight hotels under development.
This is the first phase of Civitas and Atlantic's plan to acquire two existing select-service hotels in Waco: the 120-room Holiday Inn Express & Suites, now closed, and an adjacent property, the 93-room TownePlace Suites Waco South. The two hotels are currently managed by different operators, and will both convert to one management company, Atlantic Hotels Group.
For more information, visit www.civitascapital.com.
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