Pinnacle Hotel Management (PHM) was represented by investment advisory firm Hunter Hotel Advisors in the $203 million sale of a 15-hotel, select-service portfolio containing Marriott and Hilton brand properties to the Blackstone Group.
“The sale of this portfolio allows us to recycle capital while retaining long-term management agreements,” says Ron Franklin, president and principal of PHM.
“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,” adds Steve Fairbanks, PHM’s principal and chief investment officer.
While nine of the 15 hotel transactions have been finalized, six are slated to close this November.
“Industry forecasts remain positive for the next several years, creating unique opportunities for both buyers and sellers,” says Mark Morris, senior vice president at Hunter Hotel Advisors. “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 key elements in today’s hotel marketplace.”
