"This is the first of multiple ventures we expect to launch (with Warburg Pincus)," Pfleuger says.
The first JV is primarily targeting the development of select-service hotels such as Aloft, Starwood's new select service concept aimed at business travelers. Pfleuger says it also will entertain the acquisition, repositioning and development of lodging assets within other sectors and brands.
The JV already has projects tied up, she says, including a $25-million Aloft-branded project in Tempe, AZ, that will have 136 rooms. Information on the other projects could not yet be released.
Warburg Pincus Real Estate I is a private equity fund established in 1996 with $1.2 billion of committed capital focused on investments in North America, Europe and Asia. Triyar Hospitality is a part of Triyar Companies LLC, which is run by founder Steven Yari and CEO Michael Mahoney. The company owns hotels, high-rise office and residential buildings, industrial business centers, enclosed shopping malls and retail centers. It has a strong concentration of properties in New York (Manhattan), Texas, California and Arizona.
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