"At this point in the cycle, premium, select-service portfolios are scarce, allowing Pinnacle to take advantage of prices hovering around all-time highs," said Hunter. "Nine months in the making, this complex transaction served the future growth plans of both parties."
The 15 hotels are concentrated in dynamic growth markets along the Eastern Seaboard throughout New England, the Mid-Atlantic states, Florida and California.
"The sale of this portfolio allows us to recycle capital while retaining long-term management agreements," said Ron Franklin, PHM president/principal.
"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," said Morris. "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."