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.
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