Arbor Lodging Partners, Chicago-based hotel investment and management company, announced its $135 million acquisition of Hampton Inn Santa Barbara/Goleta, Hampton Inn Boston-Norwood, Hampton Inn & Suites Minneapolis/Bloomington, Hyatt Place Dallas/Arlington, Springhill Suites Minneapolis/Bloomington and Residence Inn Salt Lake City Downtown.
Expanding its portfolio to 25 full-service hotels, Arbor Lodging Partners decided to acquire these properties because of the strong, diverse markets and brands, as well as the opportunity to create value through targeted capital expenditures and operational enhancements, says Vamsi Bonthala, CEO of Arbor Lodging Partners.
"It allows us to expand in five key markets, providing an attractive investment opportunity as well as new growth opportunities for Arbor associates," Bonthala says. "We hope to grow further in these markets with additional acquisitions in the future."
Bonthala says their goal is to improve product quality and the guest experience of each property based on each individual property's needs. Though the investment and operational strategy for each property is different, Bonthala says the common mission for them all is to operate consistent with their guiding principles while supporting Arbor associates and taking care of all guests.