News for the Hospitality Executive
Tampa, Fla. (March 14, 2013) – The Plasencia Group (TPG) is pleased to announce the sale of a five-property portfolio of Marriott-branded hotels totaling 823 rooms on behalf of affiliates of The Verandah Group, based in New Orleans. Summit Hotel Properties, Inc. (NYS:INN), a publicly-traded real estate investment trust based in Austin, Texas, acquired the portfolio for approximately $135 million.
Lou Plasencia, CEO of The Plasencia Group, commented, “Summit has acquired a well-positioned group of hotels in the New Orleans metro area. Buying convention-related properties in New Orleans, as well as those in the city’s suburbs, offers the Summit excellent diversity from the corporate, convention and leisure demand segments.” Robert Wiemer, Jr., who coordinated the marketing effort on behalf of The Plasencia Group, stated, “The five properties are in outstanding condition and are located in a city that is about to experience some of the best years its lodging industry has ever had. The sellers have been excellent stewards of the five hotels.”
The portfolio consists of five Marriott-branded properties located in Louisiana. They are the 153-room Courtyard by Marriott, in Metairie; the 120-room Residence Inn by Marriott, also in Metairie; the 202-room Courtyard by Marriott, near the New Orleans Ernest N. Morial Convention Center; the 208-room SpringHill Suites by Marriott, also near the convention center; and the 140-room Courtyard by Marriott, on St. Charles Avenue just off Canal Street, in New Orleans’ central business district.
Since 2000, The Plasencia Group has been engaged to sell over 25 different portfolios of hotel assets and debt instruments for some of the most respected names in the real estate and hospitality industries. These portfolios total more than 33,000 rooms across 22 states, and include resorts, urban center hotels, all-suite properties, independents, and both full- and select-service brands.
About The Plasencia Group, Inc.
Founded in 1993, The Plasencia Group provides hospitality investment sales, consulting, and advisory services throughout the United States, Canada and the Caribbean. The Plasencia Group offers personalized lodging-related investment sales opportunities, asset disposition, and advisory services to life insurance companies, private equity firms, pension funds, and private owners of hotels, resorts, and golf courses. With offices across the country, TPG offers a full range of value-added solutions, including single asset and portfolio dispositions, strategic portfolio analysis, note sales, operations benchmarking, operator and brand negotiations, hotel development consulting, asset management, and debt and equity placement.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused primarily on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments of the lodging industry. As of March 12, 2013, the Company’s portfolio consisted of 91 hotels with a total of 10,309 rooms located in 22 states.
The Plasencia Group
Plasencia Group Advises Carlyle Group on the Disposition of Westin
Annapolis / September 2012
Transaction Market Heating Up; As the industry gathers in New York for
the 34th annual NYU International Hospitality Industry Investment
Conference, The Plasencia Group's transaction portfolio is proof that
the hospitality real estate market has turned around. / June 2012
Plasencia Group Recognized by Industry Peers with Transaction of the
Year Award; The Plasencia Group’s handling of the Amelia Island
Plantation bankruptcy sale on behalf of the property’s owner garnered
honors as the Single-Asset Transaction of the Year for 2010 /