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Hilton Garden Inn Destin Miramar Beach acquired for $31 Million

That's $279,000 per room!
Chatham Lodging Trust

On Wednesday, Chatham Lodging Trust announced that the company has acquired the 111-room Hilton Garden Inn Destin Miramar Beach, Fla., in an off-market transaction for $31 million, or approximately $279,000 per room.

  • Chatham Lodging Trust is a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels.

Opened in 2020, the hotel is within walking distance to the beach and is well-situated in relation to the Santa Rosa Beach and Destin markets.

“We emerged from the pandemic with a stronger balance sheet, as well as the capacity to make accretive acquisitions in terms of both earnings and asset value,” highlighted Jeffrey H. Fisher, Chatham’s chief executive officer and president. “This hotel will generate strong cash flow from the outset, represent our third youngest hotel and generate a 2022 RevPAR premium of approximately 50 percent over our current portfolio.”

According to Fisher, this acquisition further diversifies Chatham’s portfolio by adding a predominantly leisure hotel and also expands their presence in the Sunbelt, which the company believes will continue to benefit from population growth.

“Three out of every four travelers to the Destin area come from the Sunbelt, and many of Destin’s feeder markets, such as Atlanta, Dallas, Nashville and Houston, are experiencing strong population growth,” he added.

The Hilton Garden Inn Destin Miramar Beach features 27 rooms with Gulf-view balconies, an expansive public space that includes a state-of-the-art meeting room and/or event space, a modern fitness center and a bar that offers over 60 different whiskies and other premium spirits.

“Although the hotel will primarily serve leisure travelers, the property sits across the street from the Silver Sands Outlet stores and benefits from corporate demand,” he added. “The Hilton Garden Inn also receives a strong amount of military demand related to Eglin Air Force Base. We are excited to add this great hotel to our portfolio, and we will continue to recycle capital out of older assets into newer hotels with higher growth prospects.”

The hotel will be managed by Island Hospitality Management, which is owned by Fisher.

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Community Comments

“I know right! I would hate it if the world kept growing! Maybe if you’re a home owner you could sell your house that has doubled in value over the...”
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“Too bad he screwed over the company. Left new buyers in millions of dollars in debt.”
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“It would be nice to incorporate our transit system currently in place for visits to utilize; with published pick up spots, and a QR code to scan for the current...”
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“It is generally not legal to offer free services to permanent residents of Florida while excluding part-time residents who pay the same property taxes. This practice could be considered discriminatory...”
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“This community native and Destin resident says too many outsiders are culpable in the problems and proposed solutions plaguing residents quality of life issues. Good bye West Destin community character...”
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“I worked at Hospitality Inn in 1973-1975 when it was the only "high rise" in Destin. Learned a lot about people working as the desk clerk. Most were visiting to...”
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“My prayers (and whining) have been answered! So many Texans live here and need real Tex-Mex! Can’t wait!”
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“This is giving me kneeling for flag vibes. So instead of a moment of silence-which ironically, speaks volumes!, you want them to hustle. I miss old usa. Working hard usa,...”
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“Are passes given on the spot or mails to residents?”
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“Maybe now we can get CLEAN BATHROOMS!!! THAT needs to be a PRIORITY!!!”
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