US: Sandpiper Lodging Trust has acquired two Savannah Suites Extended Stay Hotels in Colorado and Texas.
The new properties are located in Arvada, Colorado – just outside of Denver, and Pleasanton, Texas, just outside of San Antonio.
The Arvada property contains 116 rooms and will be transformed into a Suburban Extended Stay hotel.
The Pleasanton property contains 64 rooms and will be converted into an independent extended stay hotel.
CEO of Sandpiper Lodging Trust, Carter Rise, said: “We are extremely excited to add these two hotels to the Sandpiper Lodging Trust portfolio. We believe there is significant potential for Sandpiper Hospitality to drive both occupancy and revenue at each location, which will only be enhanced with our rebranding strategy.”
The new purchases mark the trust’s 17th and 18th properties in its portfolio, which spans across seven states.
Rise said: “Our business has continued to perform well as we emerge from the pandemic and the economy begins to normalize. Preliminary second quarter results were outstanding, and the third quarter is off to a strong start. Our property management team has excelled in an incredibly difficult environment, and we are achieving record revenue and RevPAR results.”
