Arbor Lodging Partners and GFH Financial Group have acquired a 12-hotel portfolio, including multiple Los Angeles properties.
Financial terms of the transaction were not disclosed.
The joint venture’s acquisition included the Hilton Garden Inn and the SpringHill Suites in Arcadia. Both properties were previously owned by BRE Select Hotels Corp., according to CoStar Group Inc. records.
The recently acquired hotels will be managed by Arbor Lodging Partners’ affiliate, Arbor Lodging Management.
“We are thrilled to have added 12 diverse and unique properties with industry-leading franchise affiliations to our portfolio in several key markets,” Vamsi Bonthala, chief executive of Arbor Lodging Partners, said in a statement.
“Consistent with our strategic investment plans, we are pleased to invest in high-performing hotel markets while concurrently continuing our own growth as an influential hotel investment and management firm.”
Arbor Lodging Partners plans to renovate each property.
Sheenal Patel, chief executive of Arbor Lodging Management, said in a statement that he would work with the properties to create “memorable and engaging experiences for guests.”
Activity in the hotel sector for 2020 shows no signs of slowing after a busy 2019.
Redwood City-based Ohana Real Estate Investors sold the Montage Beverly Hills for more than $400 million to Maybourne Hotel Group, and Ace Hotel Downtown Los Angeles sold for $117 million to an undisclosed buyer.
Near Los Angeles International Airport, the Hyatt Place Los Angeles/LAX/El Segundo sold for $44.5 million, and Sunstone Hotel Investors Inc. sold a leasehold interest in the Courtyard by Marriott Los Angeles for $50 million.
L.A. ended the year with 7,030 rooms under construction, the most of any county in the state, according to data from Atlas Hospitality Group.
Overall, 92 hotels with a total of nearly 12,000 rooms opened in 2019.