Crescent acquires Homewood Suites in Destin, expands Florida portfolio

Wednesday, December 20, 2023

Crescent Real Estate LLC, through its investment arm GP Invitation Fund III, LP, recently completed the purchase of the Homewood Suites by Hilton in Destin, known as the Hotel. This 95-room all-suite property, managed under a license from Hilton, is situated near the celebrated white sand beaches of Destin along the Emerald Coast Parkway (U.S. Route 98).

The area around the Hotel offers a variety of attractions including shopping and dining hotspots like Destin Commons and the Destin Boardwalk. Destin’s climate is ideal for golf enthusiasts, with several courses nearby. The city’s year-long appeal is boosted by its reputation as a prime spot for fishing and boating. Though primarily accessed by road, the region’s connectivity has been enhanced by the Destin-Fort Walton Beach Airport (VPS) and Destin Executive Airport. VPS has seen an 8.1% increase in passenger traffic from 2019 to 2022 and now connects to 43 domestic destinations non-stop.

Built recently, this all-suite hotel is one of the latest additions to the region, offering top-tier extended-stay accommodations. Each suite is well-appointed with separate living and sleeping areas, along with a fully equipped kitchen. The property meets the high standards of the Homewood Suites by Hilton brand and includes amenities like a resort-style pool with a Pirate Cove splash pad, a fitness center, hot tub, complimentary breakfast, and evening social events. The brand has seen significant growth, with 129 new properties launched in 2019, including this Destin property opened in 2022.

Destin’s tourism is a vital contributor to the local economy, with over 4.5 million visitors annually generating an impact of more than $2.5 billion. The region’s upper-midscale RevPAR has grown at a CAGR of 4.4% since 2011, underlining Destin’s status as a key Florida travel destination.

Jason Anderson, Co-CEO of Crescent, expressed enthusiasm about this new addition to their upscale select-service hotel portfolio. “We’re thrilled to grow our presence in Florida and strengthen our partnership with Hilton,” Anderson remarked. “Destin’s dynamic market and year-round appeal are especially attractive to us, and we’re optimistic about the Homewood Suites by Hilton Destin outperforming its peers, especially as we enter the peak season.”

For the management of this property, Crescent has partnered with HEI Hotels & Resorts, known for their expertise in managing diverse hotel properties across the United States.

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