STONEBRIDGE COS. JUST acquired five properties, totaling a 1,200-key portfolio across the U.S. in late November. The Denver-based hotel operator plans to execute capital improvements at each property, with three having undergone recent renovations.
With a current nationwide portfolio of more than 14,000 rooms, the company is actively pursuing additional expansion opportunities, Stonebridge said in a statement.
“Our completion of this transaction was notably fulfilling given the size of the portfolio, the multiple moving parts, and the speed with which we finalized the deal,” said Navin Dimond, CEO and founder of Stonebridge. “We look forward to continuing our strategic growth with the acquisition of these properties across the U.S.”
With this transaction, Stonebridge reenters the greater Phoenix market via the acquisition of Embassy Suites in Flagstaff, Arizona, Stonebridge said. Moreover, the company enters the North Carolina and Georgia markets through the purchase of Marriott Research Triangle Park in Durham, North Carolina, and W Downtown in Atlanta.
The remainder of the portfolio includes properties in established Stonebridge markets, demonstrating the company's expansion efforts, the statement added. These properties consist of the Embassy Suites in Walnut Creek, California, and a full-service Marriott in Bridgewater, New Jersey.
“It's significant to expand in existing markets and grow in new markets with these cash-flowing hotels within the Hilton and Marriott families," said Steve Kakaty, chief investment officer of Stonebridge. "We're adding these properties, which offer both renovation and operational upside, to our portfolio."
Founded in 1991 by Dimond, Stonebridge diverse portfolio includes select-service, extended-stay and full-service hotels in markets throughout the U.S.
In July, Stonebridge received the Hilton 2022 Americas Development Award for adapting The Slate Denver, Tapestry Collection by Hilton. The hotel, located in downtown Denver, has 251 rooms and was converted from the former Emily Griffith Opportunity School building.
