Civitas Capital Takes Possession of Holiday Inn Express

Civitas Capital Group and partner Atlantic Hotels Group acquired a 120-key Holiday Inn Express & Suites in Waco, TX. Atlantic Hotels Group is the hotel’s management company. The closing is the first of a two-phased activity, which also involves the 93-room TownePlace Suites Waco South, adjacent to the Holiday Inn Express.

The price of the acquisition from seller/developer NewcrestImage was undisclosed. The property, located in the 150-acre mixed-use Legends Crossing development, is valued at $10.7 million.

The Holiday Inn Express & Suites opened in 2014 at 5701 Legend Lake Pkwy., with 1,922 square feet of meeting space, as well as an indoor pool and fitness and business centers. “The Waco market is booming now. It’s equidistant from Dallas and Austin, and this property is at (Interstate) 35 and (State Highway) 6 — perfectly situated to capitalize on the 20% increase in travel spending Waco has seen since 2010,” said Caroline Perel, Civitas’ Managing Director.

For comments, questions or concerns, please contact Amy Sorter