Flynn Properties Inc. in a joint venture with Värde Partners has acquired 20 select-service hotels in a $211 million deal with Apple Hospitality REIT. The deal includes 11 Marriott and nine Hilton hotels.
The newly acquired properties, located throughout the Sunbelt, Northeast, Pacific Northwest and Midwest, will undergo capital improvements over time. Flynn Properties will serve as the managing member of the joint venture, charged with day-to-day asset management of the portfolio and execution of the business plan.
This acquisition will bring Flynn Properties’ select service hotel portfolio to 26 properties, complementing the six existing Marriott-branded hotels it currently owns.
Flynn Properties is a division of San Francisco-based Flynn Holdings, which has two principal businesses: real estate and restaurants.
Värde has more than 25 years of experience investing in real estate, including financing and owning hospitality properties. The firm recently completed the sale of a portfolio of eight European luxury hotels operating under The Dedica Anthology brand in September of 2020 after transforming the hotel group by appointing a best-in-class management team, refinancing the business, and executing an ambitious investment program.
