Triyar and Warburg Pincus Launch Joint Venture
Targeting Select Service Hotel Development
LOS ANGELES, CA, October 4, 2007. Triyar Hospitality announced today that it has launched its first $160 million joint venture with Warburg Pincus Real Estate I, L.P. to acquire and develop select-service hotels in the Western and Southwestern United States. The JV primarily targets the development of select-service hotels such as aloft, Starwood's new select service concept aimed at business travelers. In addition, the JV will consider the acquisition, repositioning and development of lodging assets within other sectors and brands.
"We believe that Starwood has created a unique product that fills a market void between full-service boutique hotels and traditional select-service and limited-service properties," commented Michael Mahoney, Triyar Hospitality's Chief Executive Officer. "Our joint venture with Warburg Pincus will enable us to react quickly to opportunities and build a portfolio of state-of-the-art hotel assets," added Mahoney.
Commenting on the JV, Steven Yari, a Triyar Hospitality founder said: "Warburg Pincus provides Triyar with a long-term partner who shares our opportunistic vision in the select-service hospitality space. This relationshipwill allow us to deliver quality, technologically-advanced and affordable rooms to business and leisure travelers in select infill markets throughout the Western and Southwestern U.S."
Triyar Companies, LLC, which includes Triyar Hospitality (Triyar), has been actively investing in U.S. real estate since the mid-1950s, engaging in property development, acquisition, management and leasing. The company has extensive real estate holdings including hotels, high-rise commercial (office) and residential buildings, industrial business centers, enclosed shopping malls and retail centers with a strong concentration of properties in New York (Manhattan), Texas, California and Arizona. Triyar and its affiliates also own development land for mixed-use commercial and residential projects and have diverse operating business interests in restaurants, health clubs, filmproduction and aerospace manufacturing. The firm's success has resulted from carefully selecting projects in strategic locations,aggressively managing its portfolio and revitalizing under-performing properties post acquisition through capital improvements and creative leasing programs. Current lodging properties under development by Triyar include the $105 million W Scottsdale Hotel & Residences, in Scottsdale, Arizona and the $25 million aloft Tempe in Tempe, Arizona.
"Triyar has an established track record of successfully acquiring and developing real estate assets across multiple U.S. markets," said Michael Profenius, a Warburg Pincus Managing Director. "We believe our joint venture is well positioned to identify and invest in attractive opportunities in today's current lodging environment."
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