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MIG Real Estate Acquires Homewood Suites Charlotte Airport

Newport Beach, CA Firm Expands Investment Portfolio Into North Carolina

NEWPORT BEACH, CA and CHARLOTTE, NC -- (Marketwired) -- 11/12/13 -- MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, has acquired the Homewood Suites hotel located southeast of Charlotte Douglas International Airport. The purchase marks the company's first hotel acquisition in North Carolina and increases its overall hotel portfolio to 12 properties.

"We are pleased to add this Homewood Suites to our hotel portfolio, furthering our relationship with the Hilton family of brands," said Greg Merage, CEO of MIG Real Estate. "This is a very high-quality product featuring an outstanding location in the heart of the nation's second largest financial center and the Carolinas' top travel destination."

Located at 2770 Yorkmont Road, the Homewood Suites contains 102 guest suites situated on 3.64 acres of land. The property features approximately 1,541 square feet of meeting space and an outdoor swimming pool, fitness center, putting green, business center, and guest laundry. Each well-appointed guest suite includes separate living and sleeping rooms, a fully-equipped kitchen with a refrigerator, microwave, dishwasher, and stovetop, complimentary wireless internet access, a comfortable work area and a 32-inch flat-screen television.

The Homewood Suites Charlotte Airport is situated three miles southeast of the Charlotte Douglas International Airport adjacent to Charlotte's largest suburban office markets. Nearby attractions include the Charlotte Motor Speedway, the NFL's Carolina Panthers, the NBA's Charlotte Bobcats and the Verizon Wireless Amphitheater.

Jeff Berkman of Hodges Ward Elliott represented the seller in the transaction. The property is being operated by Concord Hospitality Enterprises of Raleigh, N.C.

MIG Real Estate's strategic acquisition plan for hotel properties focuses on select-service product with a value-add component. Since 2009, the company has completed 12 direct hotel acquisitions comprised of approximately 1,500 guestrooms, primarily in major markets in the Western U.S. and Sun Belt.

About MIG Real Estate

MIG Real Estate owns and operates a diverse portfolio of assets in Salt Lake City; Phoenix; Las Vegas; Denver; Seattle; Charlotte, N.C.; Tampa, Fla.; Edmonton, Alberta; Jackson, Wyo.; Hawaii; and multiple markets in Calif. and Texas. The company is currently engaged in an aggressive expansion strategy, seeking "core-plus," "value-add" and "opportunistic" investments in select-service hotels, grocery-anchored shopping centers, office, industrial and multi-family properties. MIG Real Estate has acquired over 6 million square feet of property, totaling approximately $850 million of assets since April 2009. Additional information is available at https://www.migcap.com/RealEstate.

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