Ball Ventures has sold the Hilton Garden Inn Boise Downtown, a 132-key hotel in Boise, Idaho, for $32 million to Noble Investment Group, records filed with Ada County indicate. The buyer secured acquisition financing from Huntington Bank to the tune of $24 million. The loan matures in five years.
The Hilton property opened its doors at 348 S. 13th St. in 2018. Ball Ventures had developed the five-story structure, backed with $16.3 million in construction financing from Citizens Community Bank. That note carried a variable interest rate.
The property offers a mix of standard guestrooms and suites as well as an on-site restaurant and bar. Amenities include an indoor swimming pool, business center, and gym. The hotel is also home to 4,098 square feet of event space.
Boise’s Unparalleled Growth
In recent years, commercial real estate investors and developers have focused more and more on Boise in various sectors. An influx of young professionals, significant tech sector growth, and relatively low costs of living have all played a huge role in driving rent growth, particularly in the multifamily sector. Rents jumped by a shocking 42.8%, Keller Williams’ Boise office reported.
That said, there are some indications that Idaho’s capital and largest city may be headed for a decline. Multifamily rent growth in recent months has shown signs of deceleration. And Fortune reported that, as single-family property values soared during the pandemic, the metro’s homes are now estimated at more than 80% above their expected pricing — and the market is near its peak.