S.F. investor acquires 89 hotels in $1.1 billion deal - San Francisco Business Times

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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Glassdoor, Indeed paint stark picture of hiring problems, labor shortage - San Francisco Business TimesCompanies will need to switch tactics if they want to hire and retain workers in 2023. Here are some factors that will shape the hiring market — and how employers should respond.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Databricks recommits to S.F. headquarters in SoMa - San Francisco Business TimesThe lease renewal represents a small gain for San Francisco, where office vacancy has risen to close to 25% in recent months.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Remote work is likely to be a target during the recession - San Francisco Business TimesTwitter's Elon Musk ended remote work as he warned of difficult times ahead. More executives are likely to follow his lead, but experts warn the move could backfire. Here's why.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

12 Bay Area startups, including Astera Labs, raise $300M total in funding - San Francisco Business TimesThe Bay Area saw a flurry of venture deals at the end of the last pre-Thanksgiving week of the year.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Where California ranks among the top states for legal cannabis sales - San Francisco Business TimesU.S. cannabis sales hit an estimated $21 billion in 2021. Here's how those dollars shook out state by state.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »