By Sam Bridge
GFH Capital has announced that it has acquired a hospitality portfolio in the United States in partnership with Arbor Lodging Partners
GFH Capital, a subsidiary of Bahrain-based GFH Financial Group, has announced that it has acquired a hospitality portfolio in the United States in partnership with Arbor Lodging Partners.
The portfolio consists of 12 premium branded select service hotels located in the states of California, Connecticut and New Jersey with an investment of about $250 million.
The hotels are either a Hilton Brand hotel (Hilton Garden Inn, Hampton Inn, and Homewood Suites) or a Marriott Brand hotel (Courtyard, Residence Inn, and Springhill Suites).
GFH and Arbor said they will undertake a property improvement program in line with brand standards to create value by increasing revenue generation during the investment period.
The transaction has been undertaken in a joint venture with Arbor, who will hold a 9 percent stake in the portfolio and act as the asset manager.
Hisham Alrayes, CEO of GFH, said: “We’re delighted to close another significant investment in the US markets, which continues to perform strongly and in this robust segment of the hospitality sector.
"The portfolio is well diversified with assets located in key submarkets of the country that are showing growth and overall positive dynamics.
"We look forward to working with our partner Arbor to add further value to these assets and expect stronger income and returns for our investors.”travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.