{"id":1004020945,"date":"2010-06-15T09:58:54","date_gmt":"2010-06-15T17:58:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004020945"},"modified":"2022-12-04T10:59:31","modified_gmt":"2022-12-04T18:59:31","slug":"shaner-hotel-group-plans-to-acquire-500m-in-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shaner-hotel-group-plans-to-acquire-500m-in-properties\/","title":{"rendered":"Shaner Hotel Group Plans to Acquire $500M in Properties"},"content":{"rendered":"<p>June 15, 2010<br \/>\nBy Allison Landa, News Editor<\/p>\n<div id=\"attachment_1004020946\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/kevindooley.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004020946\" data-attachment-id=\"1004020946\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/shaner-hotel-group-plans-to-acquire-500m-in-properties\/kevindooley\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/kevindooley.jpg\" data-orig-size=\"500,384\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"kevindooley\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user kevindooley&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/kevindooley.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/kevindooley.jpg\" alt=\"\" title=\"kevindooley\" width=\"300\" height=\"230\" class=\"size-medium wp-image-1004020946\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/kevindooley.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/06\/kevindooley.jpg?resize=300,230 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004020946\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user kevindooley<\/p><\/div>\n<p>State College, Pa.-based Shaner Hotel Group said Monday that it is seeking to expand its portfolio to the tune of between $300 and $500 million in acquisitions \u2013 possibly by as soon as the end of this year. <\/p>\n<p>Shaner chairman and CEO Lance Shaner said in a statement that the plan has been in place for some time. \u201cThe availability of assets coming to market is finally beginning to expand, which has allowed us to put our plan in action,\u201d he said. \u201cCapital has not been the problem in hotel real estate transactions \u2013 it has been available product.\u201d<\/p>\n<p>As part of the plan, the company\u2019s Shaner Mortgage Real Estate Investment Trust has acquired $90 million of performing first mortgage debt under its previously announced plan to acquire $200 million in debt. It currently seeks to obtain the balance.<\/p>\n<p>The company is targeting multi-unit and single-asset acquisitions from owners and lenders \u2013 specifically, properties less than 10 years old in cities east of the Mississippi. Additionally, the firm wants upscale select-service and full-service properties with $70 or higher RevPAR. Shaner will operate all newly acquired hotels. <\/p>\n<p>Shaner is a developer, owner and operator that currently owns and manages 30 hotels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As part of the plan, the company\u2019s Shaner Mortgage Real Estate Investment Trust has acquired $90 million of performing first mortgage debt under its previously announced plan to acquire $200 million in debt. It currently seeks to obtain the balance.<\/p>\n","protected":false},"author":936,"featured_media":1004020946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21742],"tags":[],"class_list":["post-1004020945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Shaner Hotel Group Plans to Acquire $500M in Properties - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/shaner-hotel-group-plans-to-acquire-500m-in-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shaner Hotel Group Plans to Acquire $500M in Properties\" \/>\n<meta property=\"og:description\" content=\"As part of the plan, the company\u2019s Shaner Mortgage Real Estate Investment Trust has acquired $90 million of performing first mortgage debt under its previously announced plan to acquire $200 million in debt. 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