Stonebridge Cos., a privately owned, nationally recognized, innovative hotel owner and manager headquartered in Denver, acquired a five-property, approximately 1,200 key hotel portfolio in late November.
The balance of the portfolio comprises properties in existing Stonebridge markets, where the company sought to expand its presence. The properties include: the Embassy Suites in Walnut Creek, California, and a full-service Marriott in Bridgewater, New Jersey.
“Our closing of this transaction was especially rewarding due to the size of the portfolio, the multiple moving parts and speed in which we were able to complete the deal,” said Navin Dimond, CEO and founder of Stonebridge. “We are excited to continue our strategic growth with the acquisition of these top-tier properties across the U.S.”
Stonebridge plans to make various capital improvements at each of the properties, three of which have recently undergone meaningful renovations.
With this transaction, Stonebridge reenters the greater Phoenix market with the acquisition of the Embassy Suites in Flagstaff, Arizona and enters both the North Carolina and Georgia markets with the purchase of the Marriott Research Triangle Park in Durham, North Carolina, and the W Downtown in Atlanta.
“It’s exciting to not only expand in existing markets but also grow in new markets with these cash-flowing hotels within the Hilton and Marriott families. We are thrilled to add these properties, which offer both renovation and operational upside, to our portfolio,” added Steve Kakaty, chief investment officer of Stonebridge.
With a current portfolio of 14,000-plus rooms nationwide, Stonebridge is actively pursuing additional expansion opportunities.