LOS ANGELES-Locally based Lowe Enterprise Investors, Allstate Investments and the Guardian Life Insurance Co. of America have formed an investment venture to acquire full-service hotels in major metropolitan markets throughout the US. The three partners "will look for three-star quality or greater hotels that can be repositioned to take advantage of the market’s recovery," according to Brad Howe, CEO of Lowe Enterprises Investors. “This is an excellent time to acquire a portfolio of top quality assets in major markets."

The venture is targeting well-located, full-service hotels that are financially distressed due to the recent economic downturn. Lowe will seek properties where it can improve performance through capital improvements, new marketing or management.

Sam Davis, senior managing director of real estate investments for Allstate Investments, said in the announcement regarding the venture: “The current environment provides an opportune time to make selective commercial real estate investments within our $100 billion investment portfolio. This venture with Lowe and Guardian is an important part of our larger real estate equity program to build a diversified portfolio that is positioned to benefit from a recovering market.”