By Lynn Armitage, Contribtuing Editor
Aimbridge Hospitality has proven that you can never have too many hotels to manage. The nation’s leading hotel investment and management firm, has added 103 assets to an already impressive portfolio that includes a Who’s Who of nationally-recognized chains, such as the Marriott, Hilton, Hyatt, Wyndham and Embassy Suites.
The former Jameson Inns, located in 12 Southeastern states, will now join Aimbridge’s pantheon of prestigious properties. The hotels are owned by an investment vehicle that is managed by affiliates of Colony Capital, L.L.C. Colony chose Aimbridge to manage the Jameson acquisitions and oversee a substantial renovation and rebranding. What’s more, a fund affiliated with the principals of Aimbridge Hospitality and Argonaut Private Equity has acquired a minority economic stake in the hotel portfolio.
“We are pleased to partner with Aimbridge and its proven team, which has already completed the management transition with minimal disruption,” said Thomas Barrack, chairman and CEO of Colony. “They are a natural fit for this project, bringing the operational expertise to move these assets to the top of their class.”
The 103 newly acquired hotels add up to 7,000 total guest rooms and 1,700 associates in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. They will be managed by Channel Point, a wholly owned and operated subsidiary of Aimbridge.
“We are delighted to invest alongside a firm of the caliber of Colony and we look forward to further enhancing and reinvigorating these properties,” said Aimbridge President and CEO Dave Johnson.
While an extensive renovation of these properties is part of the deal, the exact cost of the upgrades was not disclosed.
Aimbridge Hospitality provides management, asset management, development, renovation and consulting services to more than 180 upscale, independent and branded hotels with nearly 25,000 rooms across the U.S. and the Caribbean.
Headquartered in Los Angeles, Colony Capital is a private, international investment firm focusing primarily on debt and equity investments in real estate-related assets and operating companies. It has invested $48 billion in over 19,000 loans/assets through various corporate portfolio and property transactions. Colony employs more than 250 people in offices in New York, Boston, Scottsdale, London, Madrid, Paris, Rome, Beirut, Hong Kong, Seoul and Taipei.