An affiliate of New York-based private equity firm CI Capital Partners has acquired a majority interest in AlliedPRA, a destination management company, from UK private equity firm sector Core Capital Partners LLP. AlliedPRA’s management team still has significant equity ownership and will continue to lead the company in the $280 billion corporate meetings and events industry. AlliedPRA’s clients include Fortune 100 companies in the U.S. AlliedPRA CEO Tony Lorenz said that the deal with CI Capital could expand his company’s scale and scope.
Here’s a look at other notable hospitality deals from this past week:
Roch Capital Inc. has acquired the 393-key Hyatt Regency hotel in downtown Louisville, Kentucky from an affiliate of Hyatt Hotels Corporation. The 19-story hotel includes 26,000 square feet of upscale meeting space, a full-service restaurant, the Louisville Convention & Visitor’s Bureau, Chipotle, and Starbucks. The hotel recently updated guestrooms and baths, public areas, and the restaurant. Dallas-based Aimbridge Hospitality was chosen to manage the hotel.
HREC Investment Advisors has arranged the sale of the 136-guestroom Aloft Tempe in Arizona from Los Angeles-based Triyar Tempe LLC to PHVIF Tempe, LLC, an affiliate of Atlanta-based Peachtree Hotel Group. The hotel is Peachtree’s first western U.S. acquisition. The property is close to demand generators including Arizona State University’s main campus and adjacent to Tempe Town Lake.
Atlanta-based developer Songy Highroads, LLC has acquired two hotels in the Florida Keys in a joint venture with Washington, D.C.-based The Wardman Group. The purchase marks Songy Highroads’ entry into the high-barrier market. Harbor Lights Motel is a 37-room waterfront on Windley Key and two miles away is the second hotel—the 37-room Days Inn & Suites Key Islamorada in Upper Matecumbe Key. Songy Highroads plans to complete $3 million and $2 million renovations of the properties, respectively, and has hired Aimbridge Hospitality to manage both properties.
Davidson Hotels & Resorts has transitioned the ownership of the Iowa City Sheraton from RockBridge to AJ Capital Partners, a Chicago-based private equity firm. Davidson, which managed the property for nearly 10 years under its former ownership, will continue to manage the hotel. The nine-story, 234-room Iowa City Sheraton is near the city’s Pedestrian Mall District and the University of Iowa. After an expansive renovation next year, the property will be relaunched as the Graduate Iowa City by summer 2018. Pivot Hotels & Resorts, Davidson’s lifestyle and luxury operating division, will operate the newly converted hotel.
Full-service management company Prism Hotels and Resorts has announced that it will manage two Hilton branded properties in Texas: Hilton Garden Inn Fort Worth Alliance Airport and Home2 Suites by Hilton Baytown. The 127-room Hilton Garden Inn is one mile from the Fort Worth Alliance Airport and minutes from the city’s downtown. Prism served as project manager during the development of the new 96-room Home2 Suites by Hilton Baytown—one of Hilton’s newest properties. The hotel has met the growing demand for new lodging in the Greater Houston area, which saw a record-breaking 20 million visitors in 2016.
The Registry Collection has added Ali‘i Kai Resort in Kauai, Hawaii to its luxury exchange network. The property has been part of RCI’s exchange network for more than a quarter century and is now also a part of The Registry Collection program through its Signature Selections collection. The property on the island’s north shore sits atop a bluff overlooking the Pacific Ocean. The 18 two-bedroom accommodations were recently renovated.
Top photo: Hyatt Regency Louisville
