Sage Hospitality and Whitman Peterson Acquire 11 Hotels in Second Portfolio Purchase of their Venture
"The properties are geographically diverse and encompass a variety of top tier brands in the Marriott, Hilton, and Hyatt systems," said Michael Everett, Chief Investment Officer for Sage Hospitality. "We see significant upside from capital expenditure and operational improvements, which is perfectly inline with our investment strategy." Everett continued, "With an acquisition price of approximately $70,000/key and an approximately 10 percent cap rate on trailing 12 income – we believe this portfolio offers a unique combination of in-place yield and attractive upside, at a basis after renovation that is well below replacement cost."
"We are thrilled to continue to execute on our joint strategy with Sage," said Wes Whitman, of Whitman Peterson. "We and Sage look forward to working with brokers, owners and the brands to identify similar individual properties and portfolios to acquire."
About Sage Hospitality
Founded in 1984, Sage Hospitality has strategically grown into one of the largest privately held hotel investment, management and development companies in the nation operating a variety of large, full-service hotels and extended stay and select-service properties. Sage Hospitality's comprehensive management portfolio includes major international brands for Marriott, Starwood, Hilton and IHG as well as the independent boutique hotels. Sage Hospitality has further differentiated with the creation of the Sage Restaurant Group, which has created and is managing over nine unique restaurant concepts including the acclaimed Mercat a la Planxa restaurant in Chicago. For more information, please visit www.sagehospitality.com.