Blackstone Purchases Select Service Portfolio
The portfolio includes 1,856 keys across 15 hotels located in Alabama, California, Connecticut, Florida, Pennsylvania and metropolitan Washington D.C.
From top-performing submarkets to urban centers with high barriers to entry, investors are keen on select service properties – especially when this variety comes in the form of a portfolio. Select Service hotel trades increased 145 percent during the first eight months of 2013 and this momentum has continued into 2014.
On behalf of OTO Development LLC, JLL’s Hotels & Hospitality Group experts yesterday announced the sale of the National Upscale Select Service Portfolio. The portfolio consists of 15 properties located along the country’s East and West coasts. Blackstone was the buyer of the portfolio.
Managing Directors Mark Fair and Al Calhoun, along with Senior Vice President Samantha Fisher led the JLL team on the transaction.
“This portfolio is recognized as one of the highest quality select service portfolios on the market and received a great deal of interest from numerous investors,” said Fair. “The assets were aggressively pursued, showcasing the appetite investors have for select service portfolios with scale for institutional capital.”
Added Fisher, “The portfolio features diverse geographic locations, including seven properties in high barrier to entry markets in Southern California.”
The portfolio includes 1,856 keys across 15 hotels located in Alabama, California, Connecticut, Florida, Pennsylvania and metropolitan Washington D.C. All hotels benefit from Hilton, Hyatt or Marriott branding. On average, properties are less than five years old and many feature amenities including sundry shops, fitness centers, outdoor patios and business centers.
Categories: Development