Four hospitality management companies have recently added properties to their portfolios. Here’s a look:
StepStone takes over management of Boston-area Sheraton
StepStone Hospitality has added the Sheraton Boston Needham Hotel, a 247-room full-service hotel located in Needham, MA, to its portfolio. The property was recently acquired by an affiliate of Paceline Equity Partners LLC, a Dallas-based private equity manager.
Later this year, the hotel is scheduled to undergo significant renovations to all guestrooms, lobby, restaurant and 18,751 sq. ft. of meeting space. Planned guestroom renovations include updated furniture, bedding and carpeting. Bathrooms in the rooms will also receive updated fixtures, and shower conversions in all king rooms. Other upgrades include a renovation and reconcepting of the common areas and F&B offerings, which will be in-line with the updated Sheraton brand image. The renovation is expected to be completed in spring of 2022, with construction to be executed in a minimally disruptive manner this winter.
Five Senses acquires Frisco, CO, hotel
Denver-based management company Five Senses Hospitality has acquired the former Baymont Inn & Suites in Frisco, CO. The deal is part of a joint venture with Bedford Lodging, a Dallas-based hotel development company founded by Jeff Blackman, with which Five Senses has an exclusive partnership to manage the day-to-day operations of its assets. The hotel will operate independently as the Summit Suites while undergoing an extensive renovation before joining a major hotel brand.
The 127-room hotel is located near a number of local attractions including several ski resorts such as Breckenridge, Keystone, Copper Mountain and Vail. Dillion Reservoir, a 300-acre lake, is also nearby.
Marin Management adds Independence 47 Hotel to portfolio
California-based Marin Management Inc. has added the boutique Independence 47 Hotel in Scottsdale to its growing portfolio of properties in Arizona.
The property is located near the Great Wolf Lodge Water Park and adjacent to Salt River Fields at Talking Stick, home of the Arizona Diamondbacks and Colorado Rockies spring training grounds. The 47-room property will undergo an expansion of its guestrooms to nearly double its current size with plans to add a full-service restaurant and bar on-site that will be topped off with a rebranding in the coming months.
Tru by Hilton Spokane Valley now managed by The Hotel Group
The Hotel Group (THG) has added the 92-room Tru by Hilton Spokane Valley in Spokane Valley, WA, to its portfolio. The property is the brand’s first hotel in Washington State.
The hotel is the fifth THG property in Eastern Washington and the first Tru by Hilton. THG currently has a second Tru in the development pipeline.
Amenities include complimentary breakfast at the Top It bar; an indoor pool and hot tub; a 24/7 Eat & Sip market; an outdoor patio with fire pit; and a fitness center.