More Hotel Buyers Form JVs

Stamford, CT —A joint venture of RockBridge Capital LLC of Columbus, OH and Nashville-based Davidson Hotel Co . acquired a 380-key Stamford Holiday Inn Downtown here The new owners plan to invest $15 million in renovations. Further south, Crescent Hotels & Resorts of Fairfax, VA. and Washington, DC-based private equity heavyweight Carlyle Group are partnering to acquire a 205-key hotel in Beltsville, MD. The two firms plan to invest $4 million to renovate the property.

In Dallas, a local firm, Aimbridge Hospitality, has teamed up with New York City-based GoldenTree InSite Partners and JF Capital Advisors. The trio plan to acquire $500 million of value-added hotel assets over the next two years. Although there are no hard numbers tracking such deals, industry players agree that the number of JVs formed to acquire hotels is increasing.

Deborah Friedland, director of hospitality consulting services for the Schonbraun McCann Group in New York City and Roseland, NJ, says the number of JVs coming across her desk is definitely rising. “In 2007, my practice has had a much busier quarter than Q1 2006. Another difference is that these have all been JV deals,” she says.