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| Candlewood Suites Hotel |
NEW YORK, October 22, 2019 - A partnership between Three Wall Capital and Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, completed the acquisition of an 18-asset extended stay hotel portfolio.
Clients managed by Guggenheim Investments also provided the mortgage debt for the portfolio acquisition.
The national portfolio includes hotels located in North Carolina, Virginia, Florida, Texas, Tennessee, and Georgia, and the assets are affiliated with brands in the Hilton, IHG, and Choice systems.
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| Alan Kanders |
The acquisition will build on Three Wall’s rapidly expanding portfolio and aligns well with the firm’s extended stay focus.
Alan Kanders, Managing Member and Founder of Three Wall Capital, remarked, “The portfolio’s geographic diversity, high-quality physical product, strong in-place cash flow, and valuable real estate made it an all-around attractive investment opportunity for us.”
The portfolio includes assets flagged as Homewood Suites, Home2 Suites, Candlewood Suites, Staybridge Suites, Suburban Extended Stay, Mainstay Suites, and Sleep Inn.
New long-term franchise agreements were secured from all brands. “This acquisition complements our existing portfolio and aligns with our goals for future growth,” Mr. Kanders explained. Three Wall’s portfolio consists of 54 hotels following the close of this acquisition, 46 of which represent extended stay hotels.
New long-term franchise agreements were secured from all brands. “This acquisition complements our existing portfolio and aligns with our goals for future growth,” Mr. Kanders explained. Three Wall’s portfolio consists of 54 hotels following the close of this acquisition, 46 of which represent extended stay hotels.
Aimbridge Hospitality, the nation’s largest independent hotel management firm, has been retained as the operator, further strengthening their strategic partnership with Three Wall Capital.
The JLL Capital Markets team* led by Managing Director Chris Dewey represented the seller in the transaction.
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| Chris Dewey |
“The hotels have been recently renovated positioning the portfolio to continue capturing more than its fair share of room night demand in markets that continue to expand.”
About Three Wall Capital
Founded in 2008 by Alan Kanders, Three Wall Capital has completed over $1.0 billion in transactions in a principal investor capacity since inception.
TWC invests with the philosophy that hotel real estate is subject to both short and long term cycles, and therefore, opportunistically invests in product type ranging from limited service to luxury hotels.
TWC’s current investment strategy is to acquire and develop mid-scale extended stay hotels in markets with strong growth outlooks in terms of population, disposable income, jobs, diversity of high-quality food and beverage experiences, retail offerings, and office space.
For further information and more details on TWC’s portfolio, please visit www.threewallcapital.com.
TWC invests with the philosophy that hotel real estate is subject to both short and long term cycles, and therefore, opportunistically invests in product type ranging from limited service to luxury hotels.
TWC’s current investment strategy is to acquire and develop mid-scale extended stay hotels in markets with strong growth outlooks in terms of population, disposable income, jobs, diversity of high-quality food and beverage experiences, retail offerings, and office space.
For further information and more details on TWC’s portfolio, please visit www.threewallcapital.com.
Contacts
Michael Mao
40 West 57th Street
29th Floor
New York, NY 10019
T. (646) 560-1728
Kristen Murphy
Director, Public Relations
JLL Capital Markets
One Post Office Square, Suite 3500
Boston, MA 02109
T +1 617 848 1572
M +1 617 543 4873
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