The acquisition increases Hotel Equities' portfolio to 25 properties, including five that are under construction. The company holds hotels with brands by Marriott, Hilton, IHG, Wyndam, Carlson, Choice and Best Western. The portfolio includes hotels in Atlanta, Macon, Albany, Dalton and Kingsland, all in Georgia. Others throughout the Southeast are in Hilton Head, SC, Lumberton, NC, Newport News, VA, Miami Lakes and Fort Myers, FL, and Lake Charles, LA.

Alan Bennett, Hotel Equities senior vice president and CFO, tells GlobeSt.com the occupancy level of the property is 90%. The company plans to spend $500,000 to make improvements, such as renovating the lobby and putting 37-inch flat-screen televisions in the rooms. "This has been a very successful hotel since it opened in 1989 and we hope to enhance its success with the planned improvements," Bennett says.

Bennett adds that the company plans to build a Fairfield Inn & Suites in close proximity to the Hampton Inn in Dalton. That hotel will be located on land that was owned by Hospitality Lodging but is now under Hotel Equities' control. The company is seeking approvals for the project, but aims to break ground in late 2008 or early 2009 with completion anticipated in 2010.