FOR IMMEDIATE RELEASE
November 15, 2005
HARBOR GROUP INTERNATIONAL ENTERS THE HOTEL SECTOR
WITH PURCHASE OF A COMFORT INN IN NEWPORT NEWS, VIRGINIA
An affiliate of Harbor Group International (HGI) of
Norfolk, Virginia, has purchased the Comfort Inn in
Newport News, Virginia. The 124-room hotel was purchased
from W2001 Eastern Hotel Realty, LP for an undisclosed
price. HGI intends to invest an additional $450,000
into the Property in interior and exterior upgrades.
“We are excited about closing Harbor Group International’s
first hotel acquisition,” said Jordan Slone, Chairman
& CEO of Harbor Group International. “We feel
our strategy of maintaining high standards and adding
value to all of our properties will bring us great success
in the hotel sector.”
“Harbor Group International is always looking
to diversify investment opportunities, and the hotel
sector was the next logical step,” said Sid Bridge,
Spokesman for Harbor Group International. “We
believe that our success in both commercial and multifamily
real estate investment will translate perfectly into
the competitive hotel market.” HGI is focusing
its hotel acquisition efforts on stabilized, limited-service
hotels that operate under national franchise brands
in the southeastern United States. HGI began pursuing
hotel acquisition opportunities early in 2005.
The Comfort Inn is a brick, 124-room, three-story,
interior corridor hotel built in 1988. The Hotel features
97 double-bedded rooms, 25 rooms with one king-size
bed, and 2 junior suites. The Hotel benefits from its
excellent visibility, access and location along Interstate
64 in Newport News, Virginia. The Comfort Inn is located
at exit 255A and sits prominently in the heart of the
Jefferson Avenue retail corridor. The Hotel is adjacent
to Patrick Henry Mall, one of the areas most successful
regional malls. Demand for the Hotel is primarily generated
by popular destinations such as Colonial Williamsburg,
Busch Gardens Williamsburg, and the Virginia Air and
Space Center, as well as corporate business from companies
such as Symantec and Cannon, government business with
the military and NASA, and airline contracts for overnight
crews that fly out of the Newport News/Williamsburg
Airport.
HGI, which holds an investment portfolio in excess
of $1.3 billion currently owns approximately 7 million
square feet of office space throughout the United States
more than 7,500 apartment units. For more information,
visit Harbor Group International’s web page at
www.harborgroupint.com.
The Hotel is located in the Norfolk/Hampton Roads Metropolitan
Statistical Area (MSA) of southeastern Virginia. This
MSA is the state’s largest single market south
of the DC metro area and home to the second largest
port on the east coast. Its deep-water port, educated
workforce, a rich historical significance, a sophisticated
transportation infrastructure, and a strong military
presence characterize Hampton Roads. The area is host
to more than 2.5 million visitors annually. Newport
News is the largest city on the Peninsula section of
the MSA and an integral part of the greater MSA. Major
employers in the market include Thomas Jefferson Laboratory
National Accelerator Facility, the Northrop Grumman
Newport News Shipyard Facility, Colonial Williamsburg
and the Anheuser Busch Brewery. Theme parks such as
Busch Gardens and Water Country USA are within 17 miles
of the Hotel. Downtown Norfolk is 28 miles away and
Richmond is approximately 65 miles.
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Harbor Group International, with offices in Norfolk,
New York, Chicago and Tel Aviv, currently own more than
$1 billion worth of properties throughout the United
States. For more information, visit Harbor Group International’s
web page at www.harborgroupint.com.
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