Flynn Properties and Värde Partners have closed a $211 million joint venture deal with Apple Hospitality REIT that will see the companies acquire 20 Marriott and Hilton select service hotels.
Flynn's joint venture with investment firm Värde Partners includes 11 Marriott and nine Hilton branded locations throughout the Sunbelt, Northeast, Pacific Northwest and Midwest. The companies said that the hotels will undergo capital improvements "over time."
Flynn Properties will serve as the managing member of the joint venture and will be responsible for day-to-day asset management of the portfolio and execution of the business plan.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
