Two of the hotels are located outside of Chicago. The others are located outside of Charlotte, Milwaukee, Kansas City and Detroit. This is the second portfolio of hotels the three firms have acquired together during the past year. Lehman Brothers provided the debt financing.
Four of the hotels, located in Schaumburg, IL; Wood Dale, IL; Charlotte, NC; and Brookfield, WI, were recently converted to Doubletree. The other two, located in Overland Park, KS and Novi, MI, are Wyndham Garden Hotels.
"We continue to see very good relative value in transitional hotels," says Tom Shapiro, president of New York City-based GoldenTree InSite Partners. "We see great opportunity in this portfolio. We believe we can move income substantially through top-line growth, expense controls and capital investment."
These six assets were part of the eight-hotel portfolio that launched Aimbridge Hospitality into the hotel management arena in 2003. "All of the hotels have benefited from significant capital investment and are still experiencing considerable growth in both ADR and occupancy as a result," says Dave Johnson, president and CEO of Aimbridge Hospitality. "We are excited that through this acquisition we are also able to extend our role as manager of these great assets that helped start our company four years ago."
Jonathan Falik, CEO of JF Capital Advisors, notes: "We are planning to harvest the benefits of the prior owner's extensive capital improvement program as well as the recent conversion of several hotels to the Doubletree flag. Our partnership has also allocated several million dollars for further upgrades to the properties."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
