SAN DIEGO-In a play to bring together leading industry professionals and allow each entity to better serve its clients by sharing specific resources, services and specialties, local real estate services firm Trigild and Santa Barbara, CA-based Blu Hotel Investors have formed a strategic alliance. The joint venture will offer a new, comprehensive hospitality-services platform to include acquisitions and development.
Blu Hotel has extensive expertise in ground-up development, acquisition, management and asset-management of Southern California hotel properties, while Trigild has more than 35 years of property-management, receivership/banktruptcy and consulting expertise.
According to John Beazley, Trigild’s managing director of hospitality, the alliance “will enable Trigild to expand its third-party management business as well as work closely with Blu Hotel to develop, acquire and operate hotel properties with institutional or individual investors. Specific services now offered by Trigild will include management, asset management, branding, pre-development planning and development.”
Beazley tells GlobeSt.com that Trigild has been in the third-party hotel-management business for 35 years, but in the past 10 years, has focused significantly on receiverships. With the economy recovering, Trigild hopes to focus less on receivership building and more on acquisitions, which is a strength of Blu Hotel Investors. “This is an alliance of two dynamic companies that have different strengths so we can both go forward.”
Michael Barnard, founder and principal of Blu Hotel Investors, said in a prepared statement that the inherent benefits for both companies are: “Trigild’s strength lies in its reputation, 35-year history and solid infrastructure, while our company has specific transactional and deal structuring and financial expertise.”
Barnard tells GlobeSt.com that Trigild’s reputation and history and their relationships through REOs and management “gives us an opportunity to be in front of lenders and financial folks involved in the receivership side,” while Blu Hotel Investors has wings on the acquisitions side. He adds that he’s looking forward to “the opportunity to look at a lot more deals and get involved in the management side. Combining our resources, I think we can do a lot for an acquisition or just a third-party management. It gives us a full quiver of ammunition for others or on our own account.”
As GlobeSt.com previously reported, Judy Hoffman, COO of Trigild, recently moderated a panel on distressed debt at a CREW San Diego lunchtime program. Hoffman said that many economic factors are making it harder to get a loan, and while the economy is seeing some recovery, “We’ve got a long way to go,” with many problems still plaguing the market.”
For more information on distressed asset investment, click here.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
