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| Teague Hunter |
ATLANTA, GA —Hunter Hotel
Advisors announced it represented Pinnacle Hotel Management (PHM) in the sale
of a 15-hotel, select-service portfolio comprised of Marriott- and
Hilton-branded hotels for $203 million to the Blackstone Group.
Nine of the hotel
transactions already have closed, with the remaining six scheduled to close in
November.
Hunter’s Washington, D.C., and
Atlanta offices worked together on the transaction, led by Teague Hunter, president, Mark
Morris, senior vice president and Kyle
Stevenson, senior vice president.
“At this point in the cycle,
premium, select-service portfolios are scarce, allowing Pinnacle to take
advantage of prices hovering around all-time highs,” said Hunter. “Nine months in the making, this complex
transaction served the future growth plans of both parties.”
The 15 hotels are concentrated in
dynamic growth markets along the Eastern Seaboard throughout New England, the
Mid-Atlantic states, Fla., and Calif.
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| Mark Morris |
“The sale of this
portfolio allows us to recycle capital while retaining long-term management
agreements,” said Ron Franklin, PHM president/principal.
“We will use the proceeds
to reinvest in new assets that can benefit from our ability to add value
through investment, repositioning and strong management.
"We look forward to
expanding on our relationship with Blackstone,” said Steve Fairbanks, PHM
principal and CIO.
“Industry forecasts remain positive
for the next several years, creating unique opportunities for both buyers and
sellers,” said Morris.
“We were pleased
to help both the buyer and the seller execute on their long-term goals. Creativity in deal-making and the ability to
move quickly are the key elements in today’s hotel marketplace.”
For a
complete copy of the company’s news release, please contact:
Martha Seabrook
Marketing Director, Hunter
Hotel Advisors
(404) 725-5854
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