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Holiday Inn Resort Jekyll Island Acquired by New Castle Hotels and Resorts


Colliers arranged the transaction as agent to New Castle

Jekyll Island, GA | Jan.  28, 2022 – New Castle Hotels & Resorts, Jekyll Island’s leading resort hotel operator, acquired the Holiday Inn Resort Jekyll Island, a 158-room full-service, oceanfront resort for $41M. Previously owned by Georgia Coast Holdings LLC, a regional hotel investor and its affiliated operator NorthPointe Hospitality, the hotel sold for $41M subject to a land lease with Jekyll Island Authority, the state of Georgia’s managing entity. The total project cost, including planned improvements, is $48M, or $304K per room. This week’s transaction is consistent with the trend of lodging investment capital flowing to coastal drive-to resorts at valuations exceeding pre-pandemic highs.

Rich Lillis of Colliers arranged the transaction as agent to buyer New Castle. The Holiday Inn Resort was not on the market. The sale resulted from Colliers’ direct sales process.

“This important resort acquisition solidifies New Castle as Jekyll Island’s leading investor and operator,” said Lillis. “Our Colliers team initiated the dialogue, brought the parties together, and managed the transaction for a mutually beneficial outcome. The impressive valuation underscores the market trend of investor preference for drive-to coastal resorts.”

The Holiday Inn Resort Jekyll Island is situated on more than seven acres of oceanfront property, including a quarter mile of beachfront. The family-friendly resort features oversized rooms and suites – all with ocean views.  Located between Savannah and Jacksonville, Jekyll Island boasts more than 10 miles of pristine beaches, four golf courses and an oceanfront convention center. Once regarded as a winter retreat for American elites, Jekyll Island has transformed into a year-round resort destination. Jekyll Island has garnered the attention of top institutional investors such as Pebblebrook Hotel Trust (NYSE: PEB) which acquired the Jekyll Island Club Resort in July 2021.

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Rich Lillis

Executive Managing Director, Hotels USA

Boca Raton

Rich Lillis is a leading expert providing strategic advisory services to clients on hotel and resort investment sales and financing in Florida, Eastern United States and the Caribbean. In his role as Director of Colliers Hotels USA, Rich leads a nationwide team of lodging specialists, leveraging unique industry insights and sharing best practices to deliver great results for clients. In the dynamic hotel investment market, Rich and his team provide valuable solutions to hotel owners and investors, developers, land owners, regional lenders and special servicers. 

As a frequent speaker at national hotel investment conferences ALIS, NYU and NABHOOD, Rich offers a unique perspective from his deep experience and diverse lodging background.   

Prior experience includes Miami practice leader at Horwath HTL, asset management at Ocwen Financial Corporation and hotel management positions at New Castle, Doral, Marriott International and Plaza Hotel. Rich earned his Bachelor of Science in Economics from State University in New York and is a Florida licensed real estate broker. Rich and his wife Maureen reside in Boca Raton, Florida.

Colliers is global leader in lodging investment services with 150 dedicated hotel professionals in the USA, Canada, EMEA and APAC providing transaction, financing, consulting and valuation services. 

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Patrick Phipps

Managing Director


Patrick Phipps is the Managing Director for the Jacksonville, Florida office of Colliers International Valuation & Advisory Services. He has been actively engaged in real estate valuation and advisory since 2002 with appraisal reports prepared for a wide variety of public and private clients. His experience includes analysis and appraisal of all types of real estate, including residential, retail, office, agricultural, industrial, HUD Rent Comparability Studies (RCS), and special purpose properties, among others.

Mr. Phipps has extensive specialized expertise in hospitality properties with over 150 properties appraised throughout the Southeast and New York.

He also focuses on appraisals for litigation, including specializing in eminent domain. He is an Appraiser of Record for the Florida Department of Transportation and has been qualified as an expert witness throughout Florida, preparing appraisals for condemnors and private property owners.

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