MIG Real Estate Acquires Edmonton Marriott
Firm acquires fourth hotel property in 12 months as it expands into new geographic markets
Newport Beach, CA - March 10, 2011 - MIG Real Estate, a Newport Beach, Calif.-based real estate investment company formerly known as Stoneridge Capital Partners, has completed the acquisition of the 177-room Courtyard Marriott Downtown Edmonton in Alberta. This transaction marks the firm's fourth hotel acquisition within the past 12 months and its first outside of its primary target markets in the Western U.S. Terms of the sale were not disclosed.
“This acquisition expands our direct holdings beyond the U.S. border and lays the foundation for MIG to enter new markets as we grow and diversify our portfolio,” said Greg Merage, Chief Executive Officer of MIG Real Estate. “We are focused on acquiring well-located, quality product within our primary target markets, as well as certain new geographic areas, to capitalize on an increase in sales activity and a growing opportunity for value-add investment.”
The 11-story Courtyard Marriott Downtown Edmonton hotel benefits from its location within the city's Central Business District near the Shaw Conference Center. The hotel receives a high level of room demand from business travelers affiliated with the petroleum industry, government offices and the nearby University of Alberta.
The hotel is located at One Thornton Court and represents MIG's first Marriott branded hotel. The firm is in the midst of an aggressive expansion of its hospitality portfolio, recently acquiring the Hotel Highland in Phoenix and the Holiday Inn & Suites and Holiday Inn Express in Denver.
MIG Real Estate has completed more than $250 million in acquisitions over the past two years, acquiring properties in California, Arizona, Nevada, Colorado and Hawaii. It owns and manages more than 1.5 million square feet of retail, office, hotel and multifamily properties.
Concord Hospitality Enterprises Company of Raleigh, NC was retained as the operator for the hotel. Concord is one of the largest operators of Marriott branded properties in the U.S. and Canada.
Adam Greenstone and Louis Stervinou of Eastdil Secured and Alan Pirani of Colliers International represented the seller in this transaction.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
