Hyatt Place Phoenix North
OCEAN CITY, MD—Locally-based Real Hospitality Group and partner Aspect Investment Partner Ltd of Dubai have purchased a total of four hotels in Nashville, Phoenix and Denver.
The four hotels that were traded include the Hilton Garden Inn and the Hampton Inn in Nashville Smyrna, TN the Hyatt Place Phoenix North and the Aloft Broomfield Denver. No financial terms of the transaction were released.
The portfolio consists of 461 rooms and will be managed by RHG. With the acquisition of the portfolio, Real Hospitality Group increases its portfolio of owned and managed assets to 105 hotels in 16 states.
Ben Seidel, president and CEO of Real Hospitality Group, says, “We are excited about our partnership with Aspect and believe that these four properties in these key locations are aligned with our strategic growth plan to acquire institutional grade hotel properties in dynamic markets as we continue to expand our footprint across the country.”
The current joint venture represents part of Aspect's third hospitality investment platform. Aspect, through its three platforms, owns 19 hotels and 2,156 rooms in 16 cities. Aspect, which was formed in 2016, has created six investment platforms with total assets greater than $ 1.2 billion. Aspect Senior Housing platforms own 1,100 units spread across 1.2 million square feet of land.
Mohamed Seif El Nasr co-founder and managing director of Aspect Investment Partners Ltd., adds, “This deal marks a milestone in our firm's evolution as we expand our reach in the hospitality sector with well aligned and high-quality operating partners like RHG.”
Real Hospitality Group also has offices in New York City and Fort Lauderdale, is a full-service hotel management company. Real Hospitality Group has grown to become one of the top 16 U.S. hotel operating companies. RHG portfolio includes over 106 hotels open and in development in key markets and resort destinations.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
