San Antonio, TX – November 20, 2013 – BC Lynd Hospitality, a full service hotel management and investment company, and CrossHarbor Capital Partners LLC, a seasoned investor in a variety of opportunistic and value-oriented commercial real estate transactions, have joined together to extend their respective national hospitality footprints with the acquisition of six Marriott-branded properties.
“We see a strong upside with the implementation of our business plan and management strategy, which coupled with CrossHarbor’s outstanding acumen in the real estate business provides an excellent platform for creating value in the hotel space,” said BC Lynd chief executive officer Brandon S. Raney.
The hotels add portfolio depth and advance the companies’ acquisition plans, said chief investment officer Clyde J.B. Johnson IV. “CrossHarbor and BC Lynd each operate on disciplined acquisition criteria and look forward to executing on future similar opportunities together.”
Bank of America N.A., in coordination with Holiday Fenoglio Fowler, provided an acquisition-and-improvement loan to finance the transaction.
“In partnership with BC Lynd we identified an off-market portfolio where the conditions exist to improve operating performance through professional management strategies and value added capital improvements,” said Eric S. Boyd, a Principal of CrossHarbor Capital Partners LLC. “These properties diversify our portfolio of twenty-four select and limited service hotel assets across the United States.”
The transaction included six (6) hotels carrying the TownePlace Suites, SpringHill Suites, and Fairfield Inn brands located across four Midwest and Southwest states. The purchase price was not disclosed.
Las Cruces, NM- TownePlace Suites
Las Cruces, NM- Fairfield Inn
Council Bluffs, Iowa- Springhill Suites
Lawrence, Kansas- Springhill Suites
Overland Park, Kansas- TownePlace Suites
Evansville, Indiana- Fairfield Inn
ABOUT BC LYND
San Antonio-based BC Lynd Hospitality, LLC, is a full service real estate investment firm focused on the acquisition and management of hotel properties in the select-service, extended-stay and full-service categories, preferably located in the top 50 U.S. markets. BC Lynd is currently in operation in five states. For more information, visit www.bclynd.com.
ABOUT CROSSHARBOR CAPITAL PARTNERS LLC
CrossHarbor Capital Partners LLC is a Boston-based alternative investment management firm that invests in value-add and opportunistic commercial real estate transactions. The firm seeks short and medium duration debt and equity investments that offer a compelling case for generating high absolute returns. CrossHarbor was founded in 1993 and has invested in more than $13 billion of commercial real estate on behalf of a diversified and highly regarded group of domestic and foreign institutional investors.
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