The Seven Hills Suites
Acquired at the end of 2017, Pax gutted and repositioned the property, creating 160 suites, including 40 two-room “flex-suites.” Within five months of its Grand Opening in December of 2019, the hotel (which had been the second-lowest rated in the city) rose to # 1 out of 61 hotels and won Trip Advisor’s Travelers Choice Award.
The transformation was so dramatic, other awards followed, including commendations from the Mayor of Tallahassee. Then Covid hit and the local market dropped 60%. Pax pivoted immediately, renting our three-quarters of the property to a local non-profit organization. The property went on to post positive cash flow every month throughout the pandemic and “hotel depression.” Today, the property is back to exclusively serving traditional business and leisure guests; it is still top-ranked in the market and is poised to become perhaps Pax’s most profitable hotel yet.
Seven Hills Suites
Total Initial Investment (including capex)
Current Market Value
Gain on Asset Value to Date
Average Annual Cash Yields to Date
Projected Equity Multiple
Purchased Dec 2017
2.5 - 2.7
15% - 18%