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| Brandon S. Raney |
SAN ANTONIO, TX and BOSTON, MA -- BC LYND Hospitality, a full service hotel management and
investment company, and CrossHarbor Capital Partners LLC, a seasoned investor
in a variety of opportunistic and value-oriented commercial real estate transactions,
have joined together to extend their respective national hospitality footprints
with the acquisition of six Marriott-branded properties.
“We see a strong
upside with the implementation of our business plan and management strategy,
which coupled with CrossHarbor’s outstanding acumen in the real estate business
provides an excellent platform for creating value in the hotel space,” said BC
LYND chief executive officer Brandon S. Raney.
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| Clyde J. B. Johnson IV |
The hotels add
portfolio depth and advance the companies’ acquisition plans, said chief
investment officer Clyde J.B. Johnson IV. “CrossHarbor and BC LYND each
operate on disciplined acquisition criteria and look forward to executing on
future similar opportunities together.”
Bank of America
N.A., in coordination with Holiday Fenoglio Fowler, provided an
acquisition-and-improvement loan to finance the transaction.
“In partnership with
BC LYND we identified an off-market portfolio where the conditions exist to
improve operating performance through professional management strategies and
value added capital improvements,” said Eric S. Boyd, a Principal of
CrossHarbor Capital Partners LLC.
“These properties
diversify our portfolio of twenty-four select and limited service hotel assets
across the United States.”
The transaction
included six (6) hotels carrying the TownePlace Suites, SpringHill Suites, and
Fairfield Inn brands located across four Midwest and Southwest states. The purchase price was not disclosed.
For a complete
copy of the company’s news release, please contact:
Todd Templin
Boardroom Communications (For BC LYND)
954-370-8999/954-290-0810
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