Sage Hospitality And Whitman Peterson Kick-Off Investment Partnership With Portfolio Acquisition
DENVER, March 25, 2013 /PRNewswire/ -- Sage Hospitality, one of the leading hotel investment and management companies in the U.S., announced the purchase of seven Courtyard by Marriott hotels in partnership with Whitman Peterson. The purchase marks the onset of a programmatic, highly-focused investment strategy between Sage and Whitman Peterson, wherein they plan to acquire a sizable portfolio of select-service hotels in need of high-impact capital, operational, and/or brand improvements.
This first portfolio of hotels, purchased from Clarion Partners and C-III Capital Partners, will bring Sage's management portfolio up to more than 60 hotels nationwide. The properties are located in desirable, business-oriented submarkets of Atlanta, Ga., Dallas, Texas, Detroit, Mich. and Cleveland, Ohio. Each hotel will receive significant capital for complete guestroom and public space renovations, which include the addition of the Marriott Courtyard Refreshing Business Lobby (including the "Bistro" dining concept) to assist in repositioning each property. Once completed, these hotels will be better equipped to regain their leading positions within each submarket and take full advantage of their prime locations and strong brand.
"This transaction represents precisely the type of opportunity on which Sage and Whitman Peterson are uniquely qualified to execute," said Michael Everett, Chief Investment Officer at Sage Hospitality. "Our national investment, operating, and capital projects teams allow us to source, reposition, and efficiently operate one-off assets or large portfolios across the country – and having a significant allocation of capital toward this effort really opens up great opportunities for us."
The seven properties joining Sage Hospitality are:- Courtyard Atlanta Norcross/ Peachtree Corners- Courtyard Marietta Windy Hill- Courtyard Atlanta Marietta/I75 North- Courtyard Dallas Addison/Midway- Courtyard Dallas LBJ at Josey- Courtyard Detroit Southfield- Courtyard Cleveland BeachwoodTo learn more about Sage Hospitality and to view the management company's full portfolio, visit www.sagehospitality.com. SOURCE Sage Hospitality
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