Six Marriott Hotels Acquired by BC LYND and CrossHarbor Capital Partners

  • Marriott International
  • 11.20.13
Six Marriott-branded properties were acquired by BC LYND Hospitality, a full-service hotel management and investment company, and CrossHarbor Capital Partners LLC, a seasoned investor in commercial real estate transactions.

"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 hotels add portfolio depth and advance the companies' acquisition plans, said Chief Investment Officer Clyde J.B. Johnson IV. "CrossHarbor and BC LYND each operate on disciplined acquisition criteria and look forward to executing on future similar opportunities together."

Bank of America N.A., in coordination with Holiday Fenoglio Fowler, provided an acquisition and improvement loan to finance the transaction.

"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 LLC. "These properties diversify our portfolio of 24 select and limited-service hotel assets across the United States."

The transaction included six hotels carrying the TownePlace Suites, SpringHill Suites and Fairfield Inn brands located across four Midwest and Southwest states. The purchase price was not disclosed.

  • Las Cruces, N.M. - TownePlace Suites
  • Las Cruces, N.M. - Fairfield Inn
  • Council Bluffs, Iowa - Springhill Suites
  • Lawrence, Kan. - Springhill Suites
  • Overland Park, Kan. - TownePlace Suites
  • Evansville, Ind. - Fairfield Inn

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