Luxury resort and hotel owner Flynn Properties has added 20 select service hotels to its portfolio as part of its broader business strategy.
The $211m acquisition was executed by the company in a joint venture (JV) with alternative investment firm Värde Partners.
Flynn is the managing member of the JV and will be responsible for asset management of the portfolio and business plan implementation.
The properties were acquired from publicly traded real estate investment trust Apple Hospitality REIT (APLE).
The newly acquired hotels include 11 Marriott hotels and nine Hilton branded locations. They are located in the Sunbelt, Northeast, Pacific Northwest and Midwest regions.
These hotels will go through capital enhancements in the future.
Flynn founder, chairman and chief executive officer Greg Flynn said: “We are excited to announce the addition of these Marriott- and Hilton-branded hotels to our portfolio of properties.
“We are also excited by the calibre of properties included in this deal, as both Marriott and Hilton are global hospitality icons known for hosting some of the world’s most loyal travellers for business and leisure while offering exceedingly robust guest loyalty programmes, which we believe will be a key source of guest revenue and retention.”
With this acquisition, Flynn Properties’ select service hotel portfolio will increase to 26 properties, including the six existing Marriott-branded hotels.
The company also owns four super-luxury resorts including the Esperanza in Los Cabos, Mexico and the Carneros Resort & Spa and Solage in Napa, California, and the Hotel Madeline in Telluride, Colorado.