Caliber, a real estate investor, developer and manager, has reached a definitive agreement with Satori Collective, in which Satori will contribute seven hotel properties to Caliber subsidiary Caliber Hospitality Trust, an externally advised private hospitality corporation. The transaction is expected to close in early 2025, subject to customary closing conditions.
Atlanta-based Satori Collective, formerly known as Banyan Investment Group and founded in 2013, is an investment management firm focused primarily on hotel property investment. The seven Satori properties in this agreement include a mix of middle-market full-service, select-service and extended-stay hotels in the Midwestern and Southern U.S., representing Marriott, Hilton and IHG hospitality brands. The combined portfolio value is approximately $120 million.
With the Satori portfolio, CHT currently has 15 properties in the closing process. Upon closing those contributions, CHT will have 22 hotels in ownership and have expanded its assets under management from $234 million today to $530 million. In addition, with all 22 properties in CHT, Caliber’s asset management revenue run rate will increase by approximately $2.4 million, or 42 percent, given the value of the portfolios contributed and the terms of the contribution and management agreements. Under the terms of the contribution agreement, Satori will receive cash and/or operating partnership units in exchange for the contribution of its seven hotels.
“This contribution significantly enhances our hospitality portfolio, providing us with a diverse set of properties in strategic locations,” Caliber CEO Chris Loeffler said in a statement. “By integrating Satori’s assets into CHT, we are not only expanding our national footprint but also reinforcing our commitment to deliver superior value to our investors. This partnership exemplifies our strategy of adding value to income-producing assets to accelerate growth and create sustainable, long-term returns.”
“We are honored to partner with Caliber. The quality of our portfolio and our capabilities as an investment manager align perfectly with Caliber’s vision. This partnership will allow us to continue growing and optimizing our operations nationwide," said Andy Chopra, co-founder and managing partner of Satori Collective.
These hotels will continue to be operated by Aperture Hotels. Satori’s contribution will further expand Caliber’s multi-state footprint into markets with unique growth drivers, including their proximity to university campuses, sports complexes, manufacturing facilities, and local airports. The locations are Madison, Wis.; Peoria, Ill.; Houston; Columbus, Ga.; and Tuscaloosa, Ala.