Woodmont Lodging, Milestone Companies and Blue Vista Capital Management Announce JV Acquisition of 111-Room Holiday Inn Asheville East in North Carolina

Woodmont Lodging, Milestone Companies and Blue Vista Capital Management today announced the joint venture acquisition of the 111-room Holiday Inn Asheville East in N.C. This marks the fourth hotel transaction the companies have finalized together since 2018.

“We are excited to begin the new year by acquiring the Holiday Inn Asheville East, a recently fully renovated hotel in a strong, drive-to market,” said Elliott Estes, principal, Woodmont Lodging. “We were able to source the opportunity 100% off-market at well below replacement cost, proving that we continue to be a resourceful and nimble group as we navigate and emerge from a challenging period for the economy as a whole.”

Ideally situated on 3.27 acres on the eastern side of Downtown Asheville at 1450 Tunnel Road, the four-story hotel is less than one mile from Billy Graham Training Center at the Cove, the Asheville VA Medical Center and one of five Asheville area entrances to the Blue Ridge Parkway. The hotel also is located conveniently 10 minutes from UNC Asheville, the world-renowned Biltmore Estate and Winery and dozens of breweries.

Business and leisure guests can enjoy approximately 1,700 square feet of meeting space, sundry shop, fitness center, outdoor swimming pool and guest laundry facility. The hotel underwent an extensive renovation in 2016 and 2017, updating all the guestrooms, public space and restaurant. Shortly thereafter, IHG recognized the hotel with the 2019 Kemmons Wilson Spirit of Family (“Kemmie”) Award, Holiday Inn’s highest honor.

“As the largest metro area in the Blue Ridge Mountains, Asheville attracts more than 10 million visitors annually,” Estes noted. “Proximate to multiple business and leisure demand generators and accessible to Knoxville, Winston-Salem, Charlotte and Atlanta, the hotel benefits from a prime location at the crossroads of multiple, major Southern city centers. Between the hotel’s long track record of strong performance in both stabilized and recessionary environments and the market’s resiliency throughout the pandemic, the Holiday Inn Asheville East checks all the boxes for us.”

Woodmont Lodging

Woodmont Lodging concentrates on the acquisition and aggressive asset management of hospitality properties across North America, with an emphasis on focused-service and select value-add opportunities. The company also delivers financial results to third-party owners through advisory engagements and asset management services. For more information, visit www.woodmontlodging.com.

Blue Vista Capital Management

Blue Vista is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate equity and credit strategies across the risk-return spectrum. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender across all property types and various markets in the U.S. and Canada. Since its inception in 2002, the firm has invested over $11.8 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing. For more information, visit www.bluevistallc.com.

Milestone Companies

Milestone Companies is an award-winning hotel management, investment and development firm with a dedicated team of hospitality industry professionals that have amassed more than 100 years of combined experience in property management, asset management and hotel renovations. Over the past 30 years, the principals of Milestone have been involved in the acquisition and/or management of more than 125 hotels located across the United States with an aggregate value in excess of $1.5 billion. Milestone provides property management services through its wholly owned affiliate, Milestone Hospitality Management, LLC. The Milestone Companies are headquartered in Baltimore, MD, with satellite offices in Harrisburg, PA, Greensboro, NC and Los Angeles, CA. For more information, visit www.milestonehotels.com.