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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.