Hunter Hotel Advisors represented Pinnacle Hotel Management (PHM) in the sale of a 15-hotel, select-service portfolio comprised of Marriott- and Hilton-branded hotels for $203 million to the Blackstone Group. Nine of the hotel transactions already have closed, with the remaining six scheduled to close in November. Hunter's Washington, D.C., and Atlanta offices worked together on the transaction, led by Teague Hunter, president, Mark Morris, SVP and Kyle Stevenson, SVP.
“At this point in the cycle, premium, select-service portfolios are scarce, allowing Pinnacle to take advantage of prices hovering around all-time highs,” Hunter said. “Nine months in the making, this complex transaction served the future growth plans of both parties.”
The 15 hotels are concentrated in growth markets along the Eastern Seaboard throughout New England, the Mid-Atlantic states, Fla., and Calif.
“We will use the proceeds to reinvest in new assets that can benefit from our ability to add value through investment, repositioning and strong management. We look forward to expanding on our relationship with Blackstone,” said Steve Fairbanks, PHM principal and CIO.
“Industry forecasts remain positive for the next several years, creating unique opportunities for both buyers and sellers,” Morris said. “We were pleased to help both the buyer and the seller execute on their long-term goals. Creativity in deal-making and the ability to move quickly are the key elements in today’s hotel marketplace.”