The two hotels are part of the TownePlace Suites by Marriott brand, and offer an all-suites concept that caters to business travelers. The residential style suites come in studio, one-bedroom and two-bedroom unit sizes, and offer amenities including ample work space and living areas, and full-sized, fully-equipped kitchens.
Vamsi Bonthala, CEO of Arbor Lodging Partners, observed, "We are bullish on select service hotels, and particularly the extended-stay model. We believe this is a corner of the market that carries great potential to add value to the properties." Bonthala continued, "These hotels are well-located and fit our investment parameters for well-located, high quality properties."
In addition to twenty first-mortgage loans recently acquired by Arbor, the acquisition marks the seventh and eighth hotels acquired by the firm in the last ten months. "Our hotel platform is in expansion mode; we're very pleased to be adding these two Marriott-branded properties to both our ownership and management portfolios," added Arbor Lodging Partners principal Sheenal Patel, also CEO of NVN Hotels.
Arbor Lodging Partners is a Chicago-based national owner and operator of hotels. The company was founded in 2005 with the goal of uniting the best practices of enterprising hotel operators and sophisticated institutional investors to effectively underwrite and execute investments in the lodging space. Arbor Lodging Partners makes investments in hotels, acquires loans secured by hotels, and, through its affiliate NVN Hotels, manages operations for its own hotels and those owned by third-parties.