US: Chicago-based Arbor Lodging Partners has acquired a $135 million hotel portfolio, which includes three extended stay/serviced apartment properties.
The portfolio includes the Residence Inn Salt Lake City Downtown, Springhill Suites Minneapolis/Bloomington and Hampton Inn & Suites Minneapolis/Bloomington, as well as two further Hampton Inns and a Hyatt Place.
The acquisition expands the company’s portfolio to 25 full-service and select-service hotels. The properties will be managed by Arbor Lodging Partners’ affiliate, Arbor Lodging Management.
“We are thrilled to have added such a diverse set of properties and markets to our portfolio in our continued efforts to make value-add investments in the hospitality space,” said Vamsi Bonthala, chief executive officer of Arbor Lodging Partners. “Consistent with our strategic investment plans, as well as the guiding principles of Arbor Lodging, we relish the opportunity to invest in, and make an economic impact on, each of the local Minneapolis, Santa Barbara, Boston, Dallas and Salt Lake City communities, all while continuing our own growth as an influential investment and management firm.”
Upon acquisition, Arbor Lodging Partners will begin renovation of each property to include updates to all guest rooms, guest bathrooms, lobbies and common areas, as well as meeting spaces and food and beverage outlets.
“Each hotel is well-situated in its own community and has a long history of guest satisfaction for both corporate and leisure travellers, alike,” said Sheenal Patel, CEO of Arbor Lodging Management. “We are excited to work closely with each property team to continue to drive success by improving operations where necessary and creating memorable and engaging experiences for guests.”</p
