Flynn Properties—owner of commercial real estate, resorts and select-service hotel properties—has formed a joint venture with alternative investment firm Värde Partners to acquire 20 select service hotels in a $211 million deal with Apple Hospitality REIT.
The newly acquired properties—a portfolio of 11 Marriott- and nine Hilton-branded properties located throughout the Sunbelt, Northeast, Pacific Northwest and Midwest—will undergo capital improvements over time. Flynn Properties will serve as the managing member of the joint venture, charged with day-to-day asset management of the portfolio and execution of the business plan.
“We are excited to announce the addition of these Marriott- and Hilton-branded hotels to our portfolio of properties,” said Greg Flynn, founder, chairman and CEO of Flynn Properties.
“This acquisition is part of a broader business strategy by Flynn Properties to increase its select service hotel footprint, which proved to be one of the best performing sectors in the industry. We are also excited by the caliber of properties included in this deal, as both Marriott and Hilton are global hospitality icons known for hosting some of the world’s most loyal travelers for business and leisure while offering exceedingly robust guest loyalty programs, which we believe will be a key source of guest revenue and retention.”
Read more on our our sister publication Hotel Management