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NEW YORK CITY-GoldenTree InSite Partners, Aimbridge Hospitality and JF Capital Advisors have formed a partnership to acquire, renovate and manage two Doubletree hotels located in the Denver and Dallas areas. Financial details of the transaction were not disclosed to GlobeSt.com.

The properties are a 300-room Doubletree Hotel Dallas-Campbell Centre in Dallas and a 248-room Doubletree Hotel Denver-Southeast in Aurora, CO. Under the agreement, Aimbridge Hospitality will operate and manage the hotels on behalf of the partnership, under a franchise agreement with Doubletree Hotel Systems, Inc., a wholly owned subsidiary of Hilton Hotels Corp.

"Our perspective is we look for underperforming assets," Jack McHugh, senior vice president of business development at Aimbridge Hospitality tells GlobeSt.com. "We look to see what it needs--rebranding, renovation, repositioning. We ask ourselves, 'can we bring value to our capital partners when we look at a deal like this." McHugh adds that Aimbridge currently manages 30 hotel properties, mostly full-service, and the company will probably stay within the 50 to 60 property owning range. "Our upper management likes to be on first-name basis with the property managers, so I wouldn't see us getting beyond the 50 to 60 range."