Joint Venture Adds Eight More Hotels

A New York City real estate joint venture, AWH Partners LLC, has bought a bunch of Embassy Suites hotels in Colorado, Oregon, Michigan, Ohio, Texas, and Washington state.

The firm acquired the eight hotels, AWH said, “working through a complicated bankruptcy process involving a quick, all-cash, no-contingency closing.” 

The deal expects to close in the middle of next month.  The terms weren't released, but the ownership group expects to invest more than $50 million in physical upgrades over the next two years.

GlobeSt.com reports that AWH paid close to $170 million and was represented by Jones Lang Lasalle.

The venture says it has invested more than $400 million in hotels, all in the United States, since 2011, covering 3,700 rooms.

AWH is a joint venture between two more New York city real estate investment firms, Winston Harton Holdings LLC and August Group Ventures  LLC.  Both firms are run by New Yorkers who struck out on their own after stints in major real estate management organizations. 

The Winston Harton principals are veterans of Blackstone’s real estate advisory group; The August Group principal comes from the Related Cos. Full information on the individuals and the firms at their home page links--click the firm name.

AWH’s website has the press release HERE.

comments powered by Disqus