San Francisco-based Flynn Properties Inc. is doubling down on in its investment in select-service and extended stay hotels as part of a $1.1 billion deal announced on Monday.
The exact total of the joint-venture's investment was not disclosed, but the total implied enterprise value of the transaction is $1.1 billion, the companies said. "The power of the loyalty programs at Marriott and Hilton should not be underestimated," he said, describing how guests will often use the points garnered from corporate stays toward leisure trips later."Travelers make their decisions based on those programs and will not stay outside of them."
"This keeps Highgate in with a meaningful portion of the deal for a meaningful amount of time," Flynn said regarding the deal's"complicated" structure.""I'm very happy with the partnership right now. We can learn a lot from them."
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