Rockpoint, a Boston-based real estate private equity firm, and Highgate have sold the Home2 Suites by Hilton Lake Mary in Orlando. Terms of the transaction were not disclosed.
Rockpoint and Highgate formed a strategic joint venture in 2021 with plans to develop select-service and extended-stay hotels. This venture marked a continuation of Highgate’s select-service and extended-stay development platform, which it formed in 2016. Through the partnership, the firms developed two hotels, including the Home2 Suites by Hilton Lake Mary and the Home2 Suites by Hilton Scottsdale North, in Arizona, which was sold in June 2024.
“This outcome reflects our selective approach to investing in the hospitality sector alongside leading operating partners, focused on markets with compelling long-term demand fundamentals,” Dan Domb, COO and a managing member at Rockpoint, said in a statement. “We are pleased to have executed on this shared vision with our partners at Highgate, developing a high-performing hotel that we believe is well positioned to continue delivering value under new ownership.”
“Highgate remains committed to building on our track record as a leading investor, developer, and operator in the select-service and extended-stay space,” said Zach Berger, principal at Highgate. “This recent joint venture with Rockpoint builds on the development platform that Highgate has formed over the past decade, and we are thrilled to have delivered strong results. Highgate looks forward to continuing to invest in capabilities across this particular space, in collaboration with leading brands, partners, and the communities in which we develop.”
Home2 Suites by Hilton Lake Mary has access to major local attractions including shopping, dining, Walt Disney World, Universal Studios, and Daytona Beach. It is an all-suites, extended-stay hotel with in-room kitchens and free breakfast, along with amenities that include an outdoor saline pool, fire pit, grilling area and fitness center.