US: TCOR Hotel Partners and TriGate Capital have formed a $30 million equity joint venture.
The venture will focus on the acquisition of branded premium extended stay and select service hotels. In addition, TCOR “will create value at the hotels by implementing property improvement plans, aggressively asset managing operating performance and engaging best in class third-party management companies”.
TCOR and TriGate also signed a definitive agreement for its first acquisition expected to close in late August.
Tom Corcoran, CEO of TCOR said: “We are excited about working with TriGate and with leverage, we expect to purchase five to six hotels.”
Jeff Yarckin, president and COO of TriGate said: “We are delighted to align with Tom and his stellar team of industry veterans. Together, we expect to access interesting value add investment opportunities in the select service hotel sector.”
