DelMonte Hotel Group closes on sale of four Fairfield properties

The DelMonte Hotel Group has closed on the sale of four of its Fairfield Inn properties. Effective January 21, the hotels will be owned and managed by Vision Hotels. This sale marks the company’s first large-scale strategic divestiture in its history. A sale price was not disclosed.

“This transaction allows us to realize our strategy of selling stabilized assets to maximize our return on investment and reinvest proceeds into new ventures,” said John Del Monte, CEO of Rochester, N.Y.-based DelMonte Hotel Group. “The proceeds from the sale of these assets will allow us to invest in larger, more diverse markets, fueling the company’s growth into the future.”

The company currently has two hotels under construction at a cost of $40 million—The Hilton Garden Inn Rochester/University and Medical Center and The Hilton Garden Inn Robinson Township in Pittsburgh—both of which will open in 2015. In addition they have four select service hotels in the development pipeline with an estimated construction cost of approximately $80 million.

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Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.


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