The deal, which includes hotels in Bellevue, Wash., Ohio, Oregon, Colorado, Texas and Michigan, is expected to close in January 2014. The ownership group will invest more than $50 million in physical upgrades over the next two years.
“The acquisition of this portfolio marks a banner year for AWH and brings our investment in hotels to more than $400 million and 3,700 keys since 2011,” says Russ Flicker, principal AWH Partners. “We are very excited about the opportunities for growth in 2014 in hospitality and beyond.”
Spire Hospitality, the hotel management arm of AWH Partners, will manage the eight hotels while AWH Development, AWH Partners’ in-house development arm, will oversee renovations.
AWH Partners is a privately held real estate investment, development and management firm formed in partnership between Russ Flicker, Jon Rosenfeld and Chad Cooley. Since 2010, AWH and its principals have completed in excess of $400 million of hotel investments, and are managing or have completed hotel redevelopment projects totaling more than $100 million.