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.