Close

Cart

Total $0.00

Checkout
DENVER, Feb. 25, 2014 -- Sage Hospitality, one of the leading hotel investment and management companies in the U.S., announced the purchase of 11 hotels in partnership with Whitman Peterson.  This purchase marks the second of a programmatic, highly-focused investment venture between Sage and Whitman Peterson, wherein they plan to acquire a sizable portfolio of select-service hotels in need of high-impact capital, operational, and/or brand improvements.

The first portfolio, purchased in March of 2013, encompassed seven well-branded, but under-capitalized hotels and is in the final stages of renovation.  This new transaction adds 11 hotels to the venture – bringing Sage's total hotels under management to 76 nationally.   The newly added properties are located in several metropolitan areas strategic to the venture, including Austin, Denver, Indianapolis, and Dallas.  

"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 and celebrating 30 years, Sage Hospitality has strategically grown into one of the largest privately held hotel management, investment 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.

Contact: Kate Davis, Sage Hospitality

katherine.davis@sagehospitality.com / 303-595-7259

Related News

DoubleTree by Hilton Opens in Atlanta Perimeter Following $12M Transformation

McWHINNEY Acquires 123-Room Hyatt House Denver Airport

Managed by Sage Hospitality, Embassy Suites by Hilton Denver Downtown Convention Center Completes Renovation

Sage Hospitality Appoints Tobias Arff General Manager and Kelly McCourt Director of Sales & Marketing for The Darcy, Washington, D.C.

Owned by KHP Capital Partners and Managed by Sage Hospitality, The Darcy Washington D.C. Joins Curio Collection by Hilton

Sage Hospitality Opens The Maven Hotel at Dairy Block in Denver

Sage Hospitality Names Mustafa Menekse Area Director of Sales Overseeing Denver's The Crawford, The Oxford & The Maven Hotels

Sage Hospitality Appoints Gerry Link as General Manager for The Maven Hotel, Denver

Sage Hospitality Names Bess Miller General Manager of Denver’s the Curtis – a DoubleTree by Hilton

Sage Hospitality Completes Renovation and Expansion of The Denver Marriott Tech Center

The Courtyard by Marriott Denver Downtown Launching Multi-Million Renovation in Early 2017

Sage Hospitality Appoints Kimberly Terry-LeDoux as Director of Sales and Marketing of The Blackstone, A Renaissance Hotel

Sage Hospitality and BMC Investments Open Newly-Built Halcyon, A Hotel in Cherry Creek, Colorado

Sage Hospitality Appoints Mike Case as New General Manager of Denver Marriott TechCenter

Sage Hospitality names Kara Akers Associate Director of Sales at The Oxford Hotel & The Crawford Hotel

Sage Hospitality Appoints Two Key Leadership Positions for Halcyon - a Hotel in Cherry Creek, Set to Open August 2016

Sage Hospitality to Develop The Maven in Denver, Colorado Slated to Open Spring 2017

McWhinney and Sage Hospitality to Develop The 164-room Elizabeth Hotel in Fort Collins, CO

The Logan Philadelphia Opens as a Hilton Curio Property Following Multi-Million Dollar Renovation

Colorado’s Westin Westminster Completes $2 Million Guest Room Renovation

All News »

Please login or register to post a comment.