National commercial real estate services firm Franklin Street has acquired Hodges Ward Elliott, a hotel investment advisory brokerage that has been in business for 50 years, and plans to hire hospitality brokers in some markets.
Tampa, Florida-based Franklin Street has been expanding and recruiting leaders across the country and opened offices in Dallas and Nashville, Tennessee, last year. The deal to purchase Atlanta-based Hodges Ward Elliott closed in December. Terms were not disclosed.
Hodges Ward Elliott plans to continue to provide services under its brand but exit its own office space to join Franklin Street's offices in Atlanta, Dallas, Nashville, Tampa and Orlando, Florida, a spokesperson for Franklin Street told CoStar News in an email.
The acquisition is expected to add about 20 employees to Franklin Street, which now has roughly 400 workers, the spokesperson said.
"We're also going to be actively looking to bring in new hospitality brokers across our markets," the spokesperson said.
Hodges Ward Elliott's experience in "executing institutional deals will benefit the firm as it expands its reach and market share," Franklin Street President and Chief Operating Officer Tony DeSisto said in a statement.
Hodges Ward Elliott has built a reputation as "the premier firm in hospitality real estate," and this is an important step for growing Franklin Street, DeSisto added.
Last year, the hospitality advisory firm completed $1.5 billion in deals, including representing either the buyer or seller of the W London, Viewline Resort Snowmass and Cumberland House Knoxville.
CEO Bill Hodges said in the statement that joining Franklin Street gives Hodges Ward Elliott the momentum to expand its service abilities. Clients will now have access to Franklin Street's range of offerings such as insurance, project management, capital advisory, property management and leasing.
“We are emboldened by what the future holds and are actively looking to add top brokers to our team," Hodges said, adding that the firm, with 50 years in the industry, plans to continue working institutional deals for hotel brands and investors in hospitality as part of what is now a larger, full-service commercial real estate firm.