US: Aimbridge Hospitality is expanding its select service division and will manage five extended stay hotels owned by Three Wall Capital.
Three Wall Capital, LLC is a New York City based investment group focused on investing in hospitality real estate. The partnership between adds 603 keys to Aimbridge Hospitality’s management portfolio.
The partnership between the two is not a new one. In August this year Aimbridge Hospitality, teamed up with Three Wall Capital, to add three more extended stay properties to its portfolio.
The five properties are located along major thoroughfares in Alabama, North Carolina, Pennsylvania and Ohio.
With the additional five properties, Aimbridge is responsible for the management of more than 70 extended stay, select service, and full-service properties owned by Three Wall Capital (TWC), continuing a partnership first established in 2019.
TWC plans to acquire and develop an additional 30-plus midscale and upscale extended stay hotels over the next 18-24 months.
Alan Kanders of Three Wall Capital said: “As we continue to expand our portfolio, we know Aimbridge will service our owned properties better than anyone, with a commitment to delivering results through their talented team and tremendous resources.”
Simon Mendy, divisional president, Aimbridge Select Service said: “We find immense value in our partnership with Three Wall Capital, and we are proud to continually be their partner of choice to manage their investments. Adding these five properties to our portfolio means more opportunities for us to create memorable guest experiences while tailoring our industry-leading service to these properties to drive outstanding results for TWC.”
The properties are:
Candlewood Suites Birmingham-Inverness (126 rooms), Birmingham, AL 35242
Mainstay Suites Jacksonville Camp Lejeune (96 rooms), Jacksonville, NC 28546
Extended Stay America Premier Suites Pittsburgh-Cranberry I-76 (127 rooms), Cranberry Township, PA 16066
Extended Stay America Premier Suites Cleveland-Independence (127 rooms),Independence, OH 44131
Candlewood Suites Cincinnati-Northeast Mason (127 room), Mason, OH 45040
TWC was founded in 2008 by Alan Kanders and has invested over US$2 billion in the hospitality sector including acquisition, new construction, redevelopment, and recapitalisation opportunities across all hotel asset classes from 5-star luxury to extended stay.
TWC’s current primary strategy is to acquire extended stay hotels in secondary and tertiary markets. TWC’s current portfolio encompasses 76 hotels of which 69 are extended stay properties affiliated with the Extended Stay America, Candlewood Suites, Staybridge Suites, Residence Inn by Marriott, TownePlace Suites by Marriott, Homewood Suites by Hilton, and Home2 Suites by Hilton.
