FOR IMMEDIATE RELEASE
December 5, 2005
HARBOR GROUP INTERNATIONAL PURCHASES SECOND
HOTEL PROPERTY - A FAIRFIELD INN IN LUMBERTON, NORTH
CAROLINA
An affiliate of Harbor Group International (HGI) of
Norfolk, Virginia, has purchased the Fairfield Inn in
Lumberton North Carolina. The 105-room hotel was purchased
from Tara Hospitality, Inc. for $3,500,000. HGI intends
to invest an additional $1,235,000 in interior and exterior
improvements as part of a major upgrade and renovation
of the property.
“We are dedicated to the hotel sector and plan
on continuing to acquire quality properties,”
said Jordan Slone, Chairman & CEO of Harbor Group
International.
“Fairfield Inn by Marriott is the company’s
award-winning lower-moderate brand that targets business
and leisure travelers seeking quality accommodations
and consistently friendly hospitality at an economical
price. We are looking forward to meeting and exceeding
Marriott’s high standards of quality,” said
Sid Bridge, Spokesman for Harbor Group International.
The Fairfield Inn is a 105-room, three-story interior
corridor hotel built in 1994. The Hotel features 101
standard guestrooms with 55 double-bedded rooms, and
46 rooms with a king-size bed, as well as four suites.
The Hotel has excellent visibility from Interstate 95
and is located between Fayetteville, North Carolina
and the South Carolina state line at exit #20. The area
is promoted as the mid-point between New York and Florida.
Demand for the property is primarily generated by tremendous
visibility to I-95 and is enhanced by the Cracker Barrel
restaurant located directly next door.
The acquisition of the Fairfield Inn follows HGI’s
recent purchase of a 124-room Comfort Inn Hotel in Newport
News, Virginia.
HGI, which holds an investment portfolio valued in
excess of $1.3 billion, currently owns approximately
7 million square feet of office space throughout the
United States and more than 7,500 apartment units. For
more information, visit Harbor Group International’s
web page at www.harborgroupint.com.
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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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