San Francisco-based Flynn Properties Inc. is doubling down on in its investment in select-service hotels as part of a $1.1 billion deal announced on Monday.
The sellers — affiliates of hospitality investment and management company Highgate and Cerberus Capital Management LP — will retain 20% interest. Deutsche Bank Securities Inc. served as financial adviser to Flynn Properties and Värde. The hotels will undergo capital improvements over time, according to Flynn Properties. Highgate will continue to manage the properties.outright from Apple Hospitality REIT for $211 million.
Flynn told me on Monday he's encouraged by the recovery of the budget hotel segment for business and leisure travelers and that he sees upside in the strength of the recognizable hotel brands and in particular the value appeal to guests through their loyalty programs.
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