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Three Wall Capital Purchases Two Extended Stay Hotels

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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.

 

About Colliers

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.


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Prashant Merchant

Executive Vice President

Richmond - North

Prashant Merchant joined Colliers as a Senior Vice President in January 2021. Formerly, Prashant led The Merchant Hotel Group at Marcus & Millichap as a Vice President of Investments and a Director at the firm’s Hospitality Division. Prashant is based in Richmond, Virginia with a primary focus on the analysis and disposition of Hotels/Motels in the Mid-Atlantic and Southeast markets with an emphasis on exclusive seller representation. He was promoted to Executive Vice President at Colliers in May of 2022.

As a hospitality investment specialist, Prashant advises clients on the acquisition and disposition of hotels/motels in the Mid-Atlantic and Southeast regions, with an emphasis on exclusive seller representation. Prashant provides his clients with access to the largest pool of regional, national, and international qualified investors to create a competitive bidding environment upon asset disposition. Prashant has completed acquisitions and dispositions under all major hotel franchises including Hilton, Marriott, Best Western, Choice, and Wyndham. He and his team, Merchant Hotel Group, focus on mid-market client dispositions of limited, select, and full-service hotels across economy, midscale, and upper midscale categories. Prashant is committed to the highest level of client service with direct involvement in every transaction including franchise negotiation and financing. 

Prior to becoming an investment sales broker in 2016, Prashant had been involved as a principal in real estate acquisitions, refinances, and DPOs. Prashant remains involved as a passive investor across a diverse stream of real estate investments. He has worked with lenders, franchisors, buyers, and sellers, regionally and nationally, and produced positive results for his brokerage clients as if they were his own businesses. Prashant delivers real time information to his clients about the hotel/motel market conditions and the best ways to capitalize on forward-looking trends. He has thorough experience in franchise conversions, alternative-use / hotel-to-housing conversions, and intimate knowledge of how to improve hotel operations. His team also offers complimentary pricing evaluations and consultations to ownership groups contemplating a hotel disposition or curious of the current market value of their property.

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Nicholas Wade

Vice President

Richmond - North

Nic Wade is an investment sales broker who joined Colliers as an Assistant Vice President in January 2021. Formerly, Nic was a Director at Marcus & Millichap’s Hospitality Division in the firm’s Richmond, Virginia office. Nic was promoted to Vice President at Colliers in May of 2022.

As a hospitality investment specialist, Nic advises clients on the acquisition and disposition of hotels/motels in the Mid-Atlantic and Southeast regions, with an emphasis on exclusive seller representation. Nic provides his clients with access to the largest pool of regional, national, and international qualified investors to create a competitive bidding environment upon asset disposition. Nic has completed acquisitions and dispositions under all major hotel franchises including Hilton, Marriott, Best Western, Choice, and Wyndham. He and his team, Merchant Hotel Group, focus on mid-market client dispositions of limited, select, and full-service hotels across economy, midscale, and upper midscale categories. Merchant Hotel Group also offers complimentary pricing evaluations and consultations to ownership groups contemplating a hotel disposition or curious of the current market value of their property. 

Nic is a native Virginian born and raised in the Hampton Roads area and currently residing in Richmond. He is a graduate of Christopher Newport University, where he earned degrees in Political Science and American Constitutional Studies. Prior to joining Marcus & Millichap, Nic held a research role investigating commercial real estate sales, leases, and market trends as a Research Associate at CoStar. He is a licensed real estate salesperson in Virginia. 

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