CHICAGO—Chicago-based hotel investment and management company Arbor Lodging Partners announced today its $135 million acquisition of six hotels from Summit Hotel Properties. The portfolio includes: Hampton Inn Santa Barbara/Goleta, Hampton Inn Boston/Norwood, Hampton Inn & Suites Minneapolis/Bloomington, Hyatt Place Dallas/Arlington, Springhill Suites Minneapolis/Bloomington, and Residence Inn Salt Lake City Downtown hotels. The acquisition expands its portfolio to 25 full-service and select-service hotels. Going forward, the hotels will be managed by Arbor Lodging Partners’ affiliate, Arbor Lodging Management.
“We are thrilled to have added such a diverse set of properties and markets to our portfolio in our continued efforts to make value-add investments in the hospitality space,” said Vamsi Bonthala, CEO of Arbor Lodging Partners. “Consistent with our strategic investment plans, as well as the guiding principles of Arbor Lodging, we relish the opportunity to invest in, and make an economic impact on, each of the local Minneapolis, Santa Barbara, Boston, Dallas, and Salt Lake City communities, all while continuing our own growth as an influential investment and management firm.”
Upon acquisition, Arbor Lodging Partners will begin renovations of each property to include modern updates to all guestrooms, guest bathrooms, lobbies, and common areas, as well as meeting spaces and food and beverage outlets.
“Each hotel is well-situated in its own community and has a long history of guest satisfaction for both corporate and leisure travelers, alike,” said Sheenal Patel, CEO of Arbor Lodging Management. “We are excited to work closely with each property team to continue to drive success by improving operations where necessary and creating memorable and engaging experiences for guests.”
Arbor Lodging’s hotel investment and management platform now owns 25 hotels throughout the United States. The portfolio consists of a range of hotels under brands such as Curio Collection by Hilton, Marriott Hotels & Resorts, Courtyard by Marriott, Hilton Garden Inn, Residence Inn, Homewood Suites, and more.