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DoveHill announces $28m investment in six new hotels in US

01 Apr 2021 (Last Updated April 1st, 2021 14:25)

DoveHill Capital Management is expanding its hotel portfolio with a preferred equity investment of $28m in six new hotels on the East Coast in the US.

DoveHill announces $28m investment in six new hotels in US
DoveHill adds six new hotels in the East Coast to its portfolio. Credit: Man Pan on Unsplash.

DoveHill Capital Management is expanding its hotel portfolio with a preferred equity investment of $28m in six new hotels on the East Coast in the US.

Through this investment, the company has added three new hotels, one in New York City, one in North Carolina, and one in Maryland, and three hotels in Pennsylvania to its portfolio.

Headquartered in Fort Lauderdale, Florida, the company is a vertically integrated hospitality investment firm and development organisation.

It currently has 14 properties across North America, including a concentration on the East Coast.

The preferred equity investment in the hotels is said to support their repositioning into profitable and well-capitalised properties.

DoveHill Capital Management founder and CEO Jake Wurzak said: “While the COVID-19 health pandemic has challenged the hospitality industry significantly, we have remained optimistic for the resurgence of travel and equally steadfast in our efforts to invest in high-quality hospitality assets that will outpace competitors.

“As one of the most active hospitality investment firms this past year, we believe that the current pains in the industry are creating phenomenal entry points for investments—for those who have the conviction to invest at this time as DoveHill has.

“Our firm possesses years of experience in contrarian investing at the early points of new real estate cycles, and we consistently have the confidence and vision to identify compelling investment opportunities during periods of heightened volatility and uncertainty.”

In addition to the six new hotels, the company is seeking to invest in full-service lifestyle properties that focus on value-add and other strategies to enhance properties.