NEW YORK—Driftwood Hospitality Management LLC, and a real estate investment fund managed and advised by affiliates of Apollo Global Real Estate Management L.P. (together with its subsidiaries, “AGRE”), announced the acquisition of the DoubleTree Suites by Hilton Columbus Downtown. This is the fifth property acquired through a joint venture between Driftwood and AGRE formed in July 2011 to focus on purchasing, renovating, and reflagging full-service hotels throughout the United States. With this week’s closing on the acquisition of the DoubleTree Columbus, the Driftwood/AGRE partnership has now acquired five hotels totaling 1,479 keys nationwide.
“Our joint venture with Driftwood Hospitality Management has made significant progress towards achieving our strategic goals,” said Coburn Packard, principal of Apollo Global Real Estate. “Since announcing the venture, we have acquired five hotels and are well underway with the renovation of three of these hotels. We continue to find attractive, risk-adjusted investments in the U.S. hospitality market and working with Driftwood, a best-in-class operator, we are well positioned to capitalize on these opportunities.”
“Our business plan for growth is to opportunistically acquire underperforming assets in secondary markets,” said David Buddemeyer, president of Driftwood Hospitality Management. “Our joint venture with Apollo allows us to match strong brands in good locations with repositioning capital and operating talent, maximizing value for our customers and investors. We are optimistic about the coming year and plan to continue growing our footprint nationally.”
The DoubleTree Columbus, which will continue operating under the DoubleTree flag as part of Driftwood’s management collection, features 194 guestrooms and 2,600 square feet of function space. Driftwood’s renovation plans include upgrades to the current guestrooms and the on-property restaurant.