US-based hotel investment venture GVM Hotel has bought five TownePlace Suites by Marriott for $30m.
Four of the hotels are located in the Texan cities of Austin, College Station and Houston, with the fifth hotel located in Birmingham, Alabama.
GVM Hotel is a joint venture between affiliates of Gatehouse Capital, Varro Hospitality and the Muse Family Office.
According to Varro Hospitality, this is the first acquisition by GVM, which was formed to acquire and manage a portfolio of financially distressed select-service, limited-service and extended-stay premium-brand hotels.
The partners hired Texas Western Management to operate the Marriott-branded hotels.