BC LYND, CrossHarbor Capital Acquire Six Marriott Hotels
Friday November 22nd, 2013 - 9:07AM E
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NEW YORK—BC LYND Hospitality, a hotel management and investment company, and investor CrossHarbor Capital Partners, LLC, acquired six Marriott-branded properties.
The transaction included hotels carrying the TownePlace Suites, SpringHill Suites, and Fairfield Inn brands located across four Midwest and Southwest states. The purchase price was not disclosed.
Bank of America N.A., with Holiday Fenoglio Fowler, provided an acquisition and improvement loan to finance the transaction.
"In partnership with BC LYND we identified an off-market portfolio where the conditions exist to improve operating performance through professional management strategies and value added capital improvements,” stated Eric S. Boyd, a principal of CrossHarbor Capital Partners, LLC. “These properties diversify our portfolio of 24 select- and limited-service hotel assets across the United States.”
Tags: CrossHarbor Capital Partners • Marriott • BC LYND Hospitality • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.