Hotel fund manager Phoenix American Hospitality has closed its $50 million Reg D offering, American Hospitality Properties Fund III. The fund has acquired 17 upper-midscale and upscale hotels in the United States.
Phoenix American created the fund to identify and acquire limited and upscale select-service hotels in the United States, specifically those that provide cash flow and value-added opportunities. The hotels it has bought are a mix of Hyatt Hotels Corporation, Marriott International and Hilton brands.
“The closing of this fund is an important milestone for Phoenix American Hospitality and reflects on our team’s professional experience in investments and ability to produce results,” Perch Nelson, president/CEO, said in a statement. “We will continue to focus on acquisition and management opportunities to expand our ever-growing portfolio.”
The acquired hotels are:
- Aloft Rogers-Bentonville in Rogers, Ark.
- Courtyard by Marriott Baton Rouge Siegen Lane in Baton Rouge, La.
- DoubleTree by Hilton Charlotte Airport in Charlotte, N.C.
- Fairfield Inn & Suites by Marriott Jonesboro in Jonesboror, Ark.
- Hampton Inn & Suites Fort Myers Beach/Sanibel Gateway in Fort Myers Beach, Fla.
- Hilton Garden Inn Fort Wayne in Fort Wayne, Ind.
- Homewood Suites by Hilton Fort Wayne
- Hyatt Place Atlanta/Alpharetta/North Point Mall in Alpharetta, Ga.
- Hyatt Place Charlotte/Arrowood in Charlotte, N.C.
- Hyatt Place Dallas/Park Central
- Hyatt Place Greenville/Haywood in Greenville, S.C.
- Hyatt Place Roanoke Airport/Valley View Mall in Roanoke, Va.
- Hyatt Place Topeka in Topeka, Kan.
- Residence Inn by Marriott Baton Rouge Siegen Lane
- Residence Inn by Marriott Cape Canaveral Cocoa Beach in Cape Canaveral, Fla.
- TownePlace Suites Fayetteville North/Springdale in Springdale, Ark.
- TownePlace Suites New Orleans Metairie in Harahan, La.