Hospitality management company Stonebridge has acquired five properties with about 1,200 rooms spanning across the US.
Financial details of the deal were not disclosed.
The properties include Embassy Suites in Flagstaff, Marriott Research Triangle Park, W Downtown in Atlanta, Embassy Suites in Walnut Creek, and Marriott in Bridgewater.
The purchase of the Embassy Suites in Flagstaff, Arizona marks the company’s re-entry into the Phoenix market.
The hotel has rooms, a dining facility, a fitness centre, an outdoor pool, and more.
The company has also forayed into the North Carolina and Georgia markets with Marriott Research Triangle Park in Durham and the W Downtown in Atlanta.
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Marriott Research Triangle Park offers rooms and suites along with dining options such as Newton’s Lounge, Corner Pantry, and Newton’s Restaurant.
Meanwhile, W Downtown has 11,553ft² of event space, spanning eight event venues and six breakout rooms.
It has a range of other amenities alongside guestrooms, including a rooftop pool, spa, fitness centre, restaurant, etc.
Stonebridge plans to carry out capital upgrades at the properties, with three of them having been recently renovated.
The 249-room Embassy Suites in Walnut Creek has an on-site restaurant, meeting venues, an indoor pool, a fitness centre, and more.
Marriott in Bridgewater has a wide array of amenities, including 17 event venues and 12 breakout rooms spread across 17,572ft².
Stonebridge CEO and founder Navin Dimond said: “Our closing of this transaction was especially rewarding due to the size of the portfolio, the multiple moving parts and speed in which we were able to complete the deal.
“We are excited to continue our strategic growth with the acquisition of these top-tier properties across the US.”
Stonebridge chief investment officer Steve Kakaty said: “It’s exciting to not only expand in existing markets but also grow in new markets with these cash-flowing hotels within the Hilton and Marriott families.
“We are thrilled to add these properties, which offer both renovation and operational upside, to our portfolio.”
Headquartered in Denver, Stonebridge currently has over 65 hotels across more than 14 US states.