This was an outstanding opportunity for the buyer to acquire this critical mass of Courtyards, which

Sage Hospitality and Whitman Peterson have kicked off their new investment relationship with the acquisition of six Courtyard by Marriott lodging properties hotels in vancouver canada from Clarion Partners L.L.C. The 852-room group of hotels is located in metropolitan Atlanta, Dallas and the Detroit area.
Sage and Whitman were hardly alone in their desire to acquire the assets. Jones Lang LaSalle s Hotels Hospitality Group orchestrated the transaction on the seller s behalf and, as Al Calhoun, a managing director with the firm, told Commercial Property Executive , The investor interest level on this portfolio was very strong, mainly from owner/operators partnering with private equity who looked to create value on the formerly brand managed properties through hotels in vancouver canada their management expertise hotels in vancouver canada and their private equity partner’s access to capital.
That s the Sage and Whitman s plan. Their partnership strategy calls for the creation of a portfolio of select service hotels sited in business-driven markets and positioned to benefit from capital, operational and/or brand improvements. hotels in vancouver canada The six newly acquired properties dovetail perfectly with the team s objectives.
The majority of these properties demand is driven by corporate business, Calhoun added. hotels in vancouver canada These properties also benefit from their strategic location adjacent to or nearby major interstates. Dallas and Atlanta are currently the second and fourth respective fastest growing metropolitan areas in the U.S.
Three of the hotels are in metropolitan Atlanta, including the 146-room Courtyard hotels in vancouver canada by Marriott 75 North in Marietta, in addition to the 127-room Courtyard by Marriott Atlanta Windy Hill and the 131-room Courtyard by Marriott Atlanta Norcross hotels in vancouver canada Peachtree Corners, both of which are in Atlanta.  The 145-room Courtyard by Marriott Dallas Addison Midway and the 146-room Courtyard by Marriott LBJ at Josey Lane call Dallas home, and the Courtyard by Marriott Detroit Southfield in Southfield, Mich., rounds out the group.
This was an outstanding opportunity for the buyer to acquire hotels in vancouver canada this critical mass of Courtyards, which are currently brand managed, and each come with 20-year Courtyard relicense agreements, Mark Fair, a managing director with JLL s hotel group, told CPE . This buyer s hands-on management coupled with the highly desirable Courtyard by Marriott brand and the change-of-ownership PIP will make for an excellent opportunity to substantially hotels in vancouver canada increase RevPAR and NOI in the coming years.
Sage and Whitman will have no shortage of competition as they move forward with their goal of acquiring a sizable portfolio of select service hotels. We are currently seeing investors, mainly hotels in vancouver canada private equity hotels in vancouver canada partnering with seasoned owner/operators, extremely eager to invest in this market given its strong fundamentals and lack of new supply, Fair said. The current debt markets are also allowing many owners the ability to lock in low interest hotels in vancouver canada rates on their acquisitions, freeing up capital to fund additional acquisitions hotels in vancouver canada or capital improvements to their current portfolio. We definitely expect the select service investment market to remain resilient through 2013 and into 2014.
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