Sage and Whitman Peterson Acquire Portfolio of Seven Marriott Properties

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. March 26, 2013

Denver, CO - March 26, 2013 - Sage Hospitality, one of the leading hotel investment and management companies in the U.S., announced the purchase of seven Courtyard by Marriott hotels in partnership with Whitman Peterson. The purchase marks the onset of a programmatic, highly-focused investment strategy between Sage and Whitman Peterson, wherein they plan to acquire a sizable portfolio of select-service hotels in need of high-impact capital, operational, and/or brand improvements.

This first portfolio of hotels, purchased from Clarion Partners and C-III Capital Partners, will bring Sage's management portfolio up to more than 60 hotels nationwide. The properties are located in desirable, business-oriented submarkets of Atlanta, Ga., Dallas, Texas, Detroit, Mich. and Cleveland, Ohio. Each hotel will receive significant capital for complete guestroom and public space renovations, which include the addition of the Marriott Courtyard Refreshing Business Lobby (including the “Bistro” dining concept) to assist in repositioning each property. Once completed, these hotels will be better equipped to regain their leading positions within each submarket and take full advantage of their prime locations and strong brand.

“This transaction represents precisely the type of opportunity on which Sage and Whitman Peterson are uniquely qualified to execute,” said Michael Everett, Chief Investment Officer at Sage Hospitality. “Our national investment, operating, and capital projects teams allow us to source, reposition, and efficiently operate one-off assets or large portfolios across the country - and having a significant allocation of capital toward this effort really opens up great opportunities for us.”

The seven properties joining Sage Hospitality are:

Courtyard Atlanta Norcross/Peachtree Corners Courtyard Marietta Windy Hill
Courtyard Atlanta Marietta/I75 North
Courtyard Dallas Addison/Midway
Courtyard Dallas LBJ at Josey
Courtyard Detroit Southfield
Courtyard Cleveland Beachwood
To learn more about Sage Hospitality and to view the management company's full portfolio, visit www.sagehospitality.com.

About Sage Hospitality
Founded in 1984, Sage Hospitality has strategically grown into one of the largest privately held hotel management, investment and development companies in the nation operating a variety of large, full-service hotels and extended stay and select-service properties. Sage Hospitality's comprehensive management portfolio includes major international brands for Marriott, Starwood, Hilton and IHG as well as the independent boutique hotels. Sage Hospitality has further differentiated with the creation of the Sage Restaurant Group, which has created and is managing over nine unique restaurant concepts including the acclaimed Mercat a la Planxa restaurant in Chicago. For more information, please visit www.sagehospitality.com.

About Whitman Peterson
Whitman Peterson is an institutional investment company, which forms lasting partnerships with world-class operating and investment companies in its target sectors. Whitman Peterson's principals have significant experience in the hotel industry, having acquired more than 150 hotels in prior cycles (many of which involved significant capital and operational turnarounds), and having assisted meaningfully in the growth of Wyndham Hotels, BedRock Partners, Harvey Hotels, Bristol Hotel Company, and Felcor Lodging Trust. The company, with offices in Los Angeles and Salt Lake City, was founded by recognized leaders of the real-estate and private-equity industries who have spent their careers helping establish, lead, and grow thriving investment and operating companies. For more information on the company, visit www.whitmanpeterson.com.

.