SAN ANTONIO—BC LYND Hospitality, a full service hotel management and investment company, and CrossHarbor Capital Partners have joined together to extend their respective national hospitality footprints with the acquisition of six Marriott-branded properties.
“We see a strong upside with the implementation of our business plan and management strategy, which coupled with CrossHarbor’s outstanding acumen in the real estate business provides an excellent platform for creating value in the hotel space,” said BC LYND Chief Executive Officer Brandon S. Raney.
The transaction includes six hotels carrying the TownePlace Suites, SpringHill Suites, and Fairfield Inn brands located across four Midwest and Southwest states. They include a TownePlace Suites and Fairfield Inn in Las Cruces, N.M.; a SpringHill Suites in Council Bluffs, Iowa; a SpringHill Suites in Lawrence, Kan.; a TownePlace Suites in Overland Park, Kan.; and a Fairfield Inn in Evansville, Ind.
“In partnership with BC LYND we identified an off-market portfolio where the conditions exist to improve operating performance through professional management strategies and value added capital improvements,” said Eric S. Boyd, a principal of CrossHarbor Capital Partners. “These properties diversify our portfolio of twenty-four select and limited service hotel assets across the United States.”
Bank of America N.A., in coordination with Holiday Fenoglio Fowler, provided an acquisition-and-improvement loan to finance the transaction. The purchase price was not disclosed.