A Dallas hotel fund manager has acquired two Baton Rouge Marriott properties as part of a $109 million deal for a package of seven upscale hotels in Arkansas, Louisiana and Florida.
Phoenix American Hospitality announced Monday that it now owns the Courtyard by Marriott Baton Rouge and Residence Inn by Marriott Baton Rouge, both on North Mall Drive, as well as the TownePlace Suites by Marriott New Orleans Metairie.
Both Baton Rouge hotels will undergo renovations to improve the guest product, a Phoenix American Hospitality spokeswoman says.
The other newly-acquired properties include a Hampton Inn & Suites in Fort Myers, Florida, as well as ALOFT Rogers, TownePlace Suites and a Fairfield Inn & Suites in Arkansas. The acquisition adds 778 rooms to the Phoenix American Hospitality portfolio.
The hotels—one Hilton and six Marriott properties—were purchased in a joint venture with Aspect Investment Partners, a firm incorporated in the Cayman Islands.
“We are constantly looking for value add opportunities across multiple sectors within the U.S. real estate space, and this transaction falls right within our criteria” says Aspect Investment Partners President Ahmed Farid in a prepared statement.
Already this year, Phoenix American Hospitality has purchased 13 properties totaling 1,532 rooms in nine states.
