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Barcelona Hotel Group Partners With Dow Hotel

SCOTTSDALE, AZ-Barcelona Hotel Group and Dow Hotel Co. LLC (DHC) have formed a partnership to acquire first-class, full-service hotels as part of a $450-million fund.

By Jennifer Duell Popovec | Updated on April 06, 2010

SCOTTSDALE, AZ-Barcelona Hotel Group and Dow Hotel Company LLC (DHC) have formed a partnership to acquire first-class, full-service hotels as part of a $450-million fund.

As part of the agreement, Seattle-based DHC will become a Strategic Alliance Member (SAM) with Barcelona REIT One (BR-1), a closed-end fund that will operate as a private REIT. As a SAM, DHC will co-invest with Barcelona and other investors to acquire hotels operating under leading, premium brands in the mid-market through upper upscale segments. Target acquisitions will be located in primary and secondary US and Canadian markets, according to Richard Harkin, president of Barcelona Hotel Group.

DHC will be responsible for sourcing acquisition opportunities and will operate as a third-party manager for all properties that it sources for the REIT. The hotels will be owned by BR-1, which is the first of several planned closed-end funds.

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