HFF closes sale of 104-unit TownePlace Suites in North Kingstown, R.I.

North Kingstown, RI Holliday Fenoglio Fowler, L.P. (HFF) closed the sale of the 104-suite TownePlace Suites Providence North Kingstown. HFF marketed the property on behalf of the seller, Waterford Development Corp and XSS Hotels, and procured the buyer. The hotel was sold unencumbered by management.

TownePlace Suites Providence North Kingstown - North Kingstown, RI

The TownePlace Suites Providence North Kingstown is located at 55 Gate Rd., 19 miles south of downtown Providence and 12 miles south of T.F. Green Airport within Quonset Business Park, which is home to nearly 200 companies, The Port of Davisville and Quonset State Airport. Completed in 2011, the Marriott-branded hotel features fully-equipped kitchens in each suite, complimentary high-speed internet access, complimentary breakfast, a sundry/convenience store, fitness center, heated indoor salt water pool, business center, BBQ/picnic area, guest laundry and complimentary shuttle service.

The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.

XSS Hotels is a vertically integrated hotel development company with expertise in site selection, permitting, project design, interior design, procurement and project management. Together with its management company affiliate and its construction affiliate, XSS Hotels has brought to life more than 3,000 keys throughout the Northeast. The XSS Hotels portfolio serves the full-service, boutique, upscale extended-stay, select service and upper midscale hotel segments that are licensed with Marriott International, Hilton Worldwide and Intercontinental Hotel Group.

Waterford Development has been active in site selection, permitting and development of hotels, multifamily and residential housing since its inception in 1995. The principals have partnered with XSS hotels in a series of hotel properties, as well as developing 1,200 multi-family apartments, the corporate headquarters for Sunovion Pharmaceuticals and master planned residential communities throughout New England.

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.