Hospitality Focused Private Equity Firm Aquires Three IHG Hotels & Resorts Branded Assets in Northeast Ohio
Spark GHC, a private real estate joint venture focused on hospitality assets in the U.S. Midwest, announced that they have recently made three acquisitions and/or investments in Northeast Ohio, IHG Hotels & Resorts branded, hospitality assets. The investments are in select service and extended stay assets and are diverse between healthy cash generating assets mixed with value-add opportunities.
Importantly, the three investments add to Spark GHC’s existing portfolio of IHG, Marriott, and Hilton branded properties. These are the 12th, 13th, and 14th acquisitions and/or investments made by the sponsors since 2018 and increases combined Spark GHC assets under management, based on market value, above $250 million.
Spark GHC is a joint venture between Spark Hotels, a proven developer, acquirer, and operator of Ohio-based hospitality assets, and Green Harvest Capital, a marquee asset manager of Northeast Ohio-based multi-family assets.
Spark Hotels President, Amit Patel, and COO, Bhavesh Lad, commented, “We are excited to invest in three additional Northeast Ohio, IHG branded, hospitality assets. These assets provide us a great mix of cash generation and value add potential. As we’ve noted in the past, we have the right team to execute on hospitality assets in this difficult capital markets environment, and the closing of these three acquisitions over the past two months gives us even more certainty.”
GHC Principals, Bhavin “B” Patel and Michael J. Smith commented, “We continue to believe this is the right time for investors to diversify and acquire hospitality assets. Attractive opportunities have developed due to COVID, an aging ownership base, higher customer brand awareness, and our belief in the long-term economic resurgence in Ohio and the U.S. Midwest. Spark GHC has a unique blend of strong hospitality operatorship experience with asset management and capital markets knowledge.”