cerberus
Flynn Properties and Värde Partners Acquire 80% Interest in 89 Select Service and Extended Stay Hotels
Flynn Properties Inc. | November 21, 2022
SAN FRANCISCO & MINNEAPOLIS (November 21, 2022) – Flynn Properties Inc., owner of commercial real estate, luxury resorts and select service hotel properties in America and abroad, in a joint venture with Värde Partners, a leading global alternative investment firm, today announced that it has acquired an 80% joint venture interest in 89 select service and extended stay hotels in a $1.1 billion implied total enterprise value transaction from affiliates of Highgate and Cerberus Capital Management, L.P. (“Cerberus”). With properties located throughout the United States, the portfolio comprises 58 Marriott-branded hotels, 24 Hilton...
NewcrestImage to Acquire 4 LaQuinta Properties (696 Rooms) From Highgate and Cerberus
NewcrestImage | July 14, 2022
NewcrestImage has entered a definitive agreement with a joint venture between Highgate and Cerberus to acquire four LaQuinta-branded properties which together total 696 rooms. The properties include the LaQuinta Inn & Suites at Los Angeles International Airport (LAX) which marks NewcrestImage’s first gateway location in California. Closing is today on one hotel – the LaQuinta Inn & Suites Irving DFW North, located two miles from DFW International Airport -- while closing is expected in August for the other three hotels: LaQuinta Inn & Suites Anaheim; LaQuinta Inn Phoenix North; and LaQuinta Inn & Suites LAX. “The...
The Westin New Orleans Unveils $30 Million Renovation
Westin Hotels & Resorts | January 9, 2020
NEW ORLEANS, Jan. 9, 2020 -- The Westin New Orleans is pleased to announce the completion of a $30 million revitalization spanning the entire hotel. The extensive architectural and interior redesign includes major renovations to all guestrooms and suites, lobby/check-in, and 30,000 square feet of meeting space. The hotel also features new dining establishments Bistro at the Bend restaurant and Observatory Eleven bar and lounge, as well as new special event space, Riverbend Ballroom. The restaurant, bar, and ballroom are located on the 11th floor, where hotel guests may enjoy cocktails, Southern cuisine through a regional lens, and the abili...
Revetas Capital and Cerberus Capital Management Acquire Bucharest Hotel Portfolio
Revetas Capital Advisors LLP | December 28, 2017
LONDON and NEW YORK, Dec. 28, 2017 -- Revetas Capital Advisors LLP ("Revetas") and Cerberus Capital Management, L.P. and its affiliates ("Cerberus") today announced the acquisition of Project Nemo, a leading hotel complex with approximately 86,000 sqm of gross leasable area in a prime location in Bucharest, Romania. The complex includes the Radisson Blu and Park Inn hotels, featuring a total of 697 guest rooms operated by the Rezidor Hotel Group, as well as approximately 7,500 sqm of prime retail space anchored by high-end tenants such as Burberry and Hugo Boss. The acquisition aligns with both Revetas and Cerberus&#...
