June 22–Hamister Group has sold a Tennessee hotel after spending more than $1 million on its renovation.
The Buffalo-based health care and hospitality firm, which owns and operates the Hilton Garden Inn in downtown Buffalo, said it sold a 62-room Fairfield Inn in Smyrna, Tenn., southeast of Nashville. Hamister acquired the hotel in 2004.
"This disposition underscores our strategy of securing underperforming assets, infusing them with much-needed capital and our customer-centric hospitality model, stabilizing them, and delivering a satisfactory ROI for our shareholders," Chief Investment Officer Daniel M. Hamister said in a statement.
