NEW YORK, N.Y.—AWH Partners LLC, a joint venture of August Group Ventures LLC (AGV) and Winston Harton Holdings LLC (WHH). has announced it is purchasing Lane Hotels Inc., a nationally recognized hotel company, as well as individual hotels owned by Lane Hospitality LLC, for an undisclosed price. AWH Partners’ purchase is part of an ongoing joint venture with an institutional equity source designed to pursue additional hospitality investments.
“With the infusion of capital we are contributing through AWH Partners, the recapitalization of Lane Hotels will bring a renewed focus on portfolio growth while continuing to deliver a high caliber of service to Lane’s existing clients,” said Chad Cooley, president of August Group Ventures, in a statement.
“We are confident that this high-quality portfolio will further flourish under the hands-on asset management skills we bring to the table,” added Jon Rosenfeld, owner and co-founder of Winston Harton Holdings. “The purchase of Lane Hospitality presents an attractive opportunity for us to continue expanding our presence in the hospitality investment area.”
Lane Hotels, based in Northbrook, Ill., is an affiliate of Lane Industries and the third-party operator of hotels across celebrated brands such as Hilton Hotels & Resorts, InterContinental Hotels Group, and Marriott International. Lane Hotels has successfully owned and managed hotel properties for more than 30 years.
The acquisition of Lane Hotels signals the first of many purchases from AWH Partners’ ongoing joint venture with an institutional equity source for the pursuit of hospitality investments. The seasoned team of AGV and WHH bring extensive experience in hospitality investment, development and management.
In a separte press release issued by Lane Hotels, the company said the deal provides it with significant capital and "an excellent partner." Lane Hotels will continue to offer the high standard of operations and management its clients have valued over the last three decades and will grow its offerings through incorporating customer-centric tools, including social media, cutting-edge yield-management and proven operational sales and marketing expertise, the release said.
“Our partnership with AWH positions us incredibly well to grow our platform rapidly through expanding our service offerings and acquiring new management contracts, while continuing to provide world-class service to our existing clients,” said Bill DeForrest, president and chief executive officer of Lane Hotels.
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