American Property Management will operate the hotel, which will immediately undergo a $3-million renovation, as a Holiday Inn under a franchise agreement with Bass Hotels and Resorts. The deal is Milestone's first acquisition with American PropertyManagement, says Jasen Mark, vice president, acquisitions of Milestone Investments, which identifies, analyzes, structures, and arranges equity financing for investment opportunities in hotel real estate.
Over the past year, Milestone's acquisition activity totals three transactions consisting of 16 properties with over 2,290 rooms.
"We continue to be very active on the buy side," Mark says.
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