Iowa City-based Hawkeye Hotels has acquired a Hilton Garden Inn in Independence, Mo., expanding its presence in the Midwest.
The six-story, 201-room hotel, which is about 10 miles east of downtown Kansas City, Mo., was purchased out of receivership for an undisclosed price in competitive bidding. The transaction was arranged by NGKF Hotels on behalf of the seller, court-appointed receiver First Hospitality Group.
Hawkeye Hotels owns and operates more than 40 hotels in a dozen U.S. states, including properties in the Corridor. Later this year, it will begin construction of a 95-suite, four-story extended-stay Residence Inn the 700 block of 33rd Avenue SW in Cedar Rapids.
"Due to our collaborative relationships with Hilton and regional lenders, we are able to acquire and develop premium-branded hotels in markets that exhibit strong growth," said Ravi Patel, president of Hawkeye Hotels.
Sam Winterbottom, senior managing director of NGKF Hotels, said the Hilton Garden Inn was an attractive property.
"A number of investors were eager to bid on this particular hotel, which houses the Hereford House Steakhouse that has become a Kansas City icon over the past 50 years,” Winterbottom said. "The buyer gained a first-rate hotel for well below the cost of new construction, and our client garnered a healthy selling price that benefited from competition among the bidders.”
Constructed in 2001, the Hilton Garden Inn in Independence, Mo., is in good condition after a $4 million refurbishment of the lobby and guest rooms that was completed in 2010. The hotel features an indoor swimming pool, business center, guest laundry facility, and the brand’s signature restaurant and bar.Hawkeye Hotels was founded in 1982 with a roadside hotel in Mena, Ark. The family-owned company has investments in more than 65 hotels under Marriott, Hilton, IHG, Starwood, and various other brands in Iowa, Illinois, Indiana, Ohio, Missouri, Arkansas, Colorado, Oklahoma, Texas, Virginia, West Virginia and Maryland.