Lockwood Development Partners has bought a portfolio of nine hospitality properties across eight states, amassing 1,550,000 square feet with a total value of approximately $225 million.

Lockwood plans to reposition the properties, which have struggled during the pandemic. After they are repositioned, the properties will feature a sustainable hotel operation, affordable multifamily housing and ghost kitchens. The properties will also serve as a resource for veterans to receive permanent housing, physical and mental assistance, and other support programs through SarahCare, an organization dedicated to providing resources for seniors.

The properties include Crowne Plaza, Memphis, Tennessee, (319 rooms) Crowne Plaza, Austin, Texas, (293 rooms), Clarion Hotel, Orlando International Airport (335 rooms), Crowne Plaza, Houston (243 rooms), Crowne Plaza, Dayton, Ohio, (283 rooms), Crowne Plaza, Reading, Pennsylvania, (259 rooms), Garden Plaza, Marietta, Georgia, (218 rooms), Former Marriott, Jackson, Mississippi, (303 rooms) and Crowne Plaza, Tulsa, Oklahoma, (286 rooms).