The investment group purchased the MainStay Suites Jacksonville Camp Lejeune and Candlewood Suites Norfolk Airport
Richmond, VA, December 2022 – Colliers is pleased to announce the sale of the MainStay Suites Jacksonville Camp Lejeune, located in Jacksonville, North Carolina, and the Candlewood Suites Norfolk Airport, located in Norfolk, Virginia. Both properties are high quality assets with strong government and military extended-stay demand generators.
The two hotels bring Three Wall Capital’s extended-stay hotel portfolio total to 72 properties. Three Wall Capital currently owns extended-stay hotels in 18 states and is one the largest franchisees of the Candlewood Suites and Extended Stay America brands. The New York City-based hotel investment group has shared plans to acquire and develop 35 additional midscale and upscale extended-stay hotels over the next 18 to 24 months.
Colliers’ Prashant Merchant, Executive Vice President, and Nic Wade, First Vice President, handled the transaction on behalf of the seller.
Colliers is a leading diversified professional services and investment management company. With operations in 63 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.5 billion and $81 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
About Three Wall Capital
Three Wall Capital, LLC is a New York City based investment group focused on investing in hospitality real estate. Founded in 2008 by Alan Kanders, TWC has invested over $2.0 billion in the hospitality sector including acquisition, new construction, redevelopment, and recapitalization opportunities across all hotel asset classes from 5-star luxury to extended stay.
TWC’s current primary strategy is to acquire extended stay hotels in secondary and tertiary markets. TWC’s current portfolio encompasses 79 hotels of which 72 are extended stay properties affiliated with the Extended Stay America, Candlewood Suites, Staybridge Suites, Residence Inn by Marriott, TownePlace Suites by Marriott, Homewood Suites by Hilton, and Home2 Suites by Hilton. To learn more, visit www.threewallcapital.com.