News for the Hospitality Executive
NEW YORK (April 24, 2012) – AWH Partners, LLC -- August Group Ventures, LLC (AGV) and Winston Harton Holdings, LLC (WHH) -- has announced a joint venture to purchase Lane Hotels, Inc., the nationally recognized hotel company, as well as individual hotels owned by Lane Hospitality, LLC, for an undisclosed price. AWH Partners’ purchase is part of an ongoing joint venture with an institutional equity source designed to pursue additional hospitality investments.
“With the infusion of capital we are contributing through AWH Partners, the recapitalization of Lane Hotels will bring a renewed focus on portfolio growth while continuing to deliver a high caliber of service to Lane’s existing clients,” said Chad Cooley, president of August Group Ventures.
“We are confident that this high-quality portfolio will further flourish under the hands-on asset management skills we bring to the table,” said Jon Rosenfeld, owner and co-founder of Winston Harton Holdings. “The purchase of Lane Hospitality presents an attractive opportunity for us to continue expanding our presence in the hospitality investment area."
Lane Hotels will continue to offer the high standard of operations and management its clients have valued over the last three decades and will grow its offerings through incorporating customer-centric tools, including social media, cutting-edge yield-management and proven operational sales and marketing expertise.
“Our partnership with AWH positions us incredibly well to grow our platform rapidly through expanding our service offerings and acquiring new management contracts, while continuing to provide world-class service to our existing clients,” said Bill DeForrest, president and chief executive officer of Lane Hotels.
Lane Hotels is a national hotel management platform currently managing hotels across the major brands, including Hilton Hotels & Resorts, (IGH) InterContinental Hotels Group and (MAR) Marriott International. Lane Hotels has successfully managed hotel properties for more than 30 years.
“We are very excited about the opportunity to both expand Lane’s dynamic management platform as well as source interesting investment opportunities that we might not otherwise see,” said Jon Rosenfeld, a principal of AWH Partners.
“The Lane platform provides us an excellent opportunity to invest in and grow a highly-recognized brand and expand our investment capabilities into new areas. With dedicated capital, we are also able to achieve synergies by investing alongside our third party owners, and acquiring properties for our own portfolio when opportunities arise,” says Chad Cooley, a principal of AWH Partners.
<>The acquisition of Lane Hotels signals the first of many purchases from AWH Partners’ ongoing joint venture with an institutional equity source for the pursuit of hospitality investments. The seasoned team of AGV and WHH bring extensive experience in hospitality investment, development and management.>
About Lane Hotels
Lane Hotels is one of the nation’s leading and most respected hotel development and management companies. For more than 30 years they have offered world class hotel management with a true passion for guests. Lane Hotels offers expertise in all facets of hospitality management and is committed to preserving, protecting and enhancing the value of hotel real estate. For more information, visit www.lanehospitality.com.
About AWH Partners, LLC
AWH Partners, LLC, a joint venture between August Group Ventures, LLC and Winston Harton Holdings, LLC, offers an experienced institutional investment and management platform with dedicated capital. For more information, visit www.awhpartners.com.
About August Group Ventures, LLC
August Group Ventures is a privately held real estate investment, development and management firm founded in 2009 by New York-based Related Companies veteran Chad Cooley to pursue opportunities in the ailing hospitality market. August Group owns and manages hotels around the United States and seeks opportunities to invest in and manage assets requiring capital, repositioning and turn-around expertise. For more information, visit www.augustgroupventures.com .
About Winston Harton Holdings, LLC
Winston Harton Holdings, LLC (WHH) was established by Russell Flicker and Jonathon Rosenfeld to acquire distressed, value-added and operationally intensive real estate assets through equity and debt. Its principals have extensive experience and complementary skill set in the real estate sector, including acquisitions (private transactions and public securities), capital markets and asset management and asset repositioning. WHH will partner with both traditional institutional capital as well as private pools of capital to pursue transactions ranging from $10 - $250 mm. For more information, visit www.whhllc.com.
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