Goldentree, Aimbridge and JF Capital Form Alliance
JANUARY 31, 2007. GoldenTree InSite Partners, Aimbridge Hospitality and JF Capital Advisors announced today that they have formed a strategic alliance to acquire $500 million of value-added hotel assets over the next two years.
"Each of us has dedicated significant resources and capital to ensure that we meet our investment goals and return targets," said Tom Shapiro, President of GoldenTree InSite Partners. "Our successful acquisition this past year of two Doubletree^a hotels located in the Denver and Dallas areas is representative of the type of opportunities we will pursue going forward. By renovating both properties, we have been able to drive improvements in both rate and occupancy as well as improve operating margins."
"We are thrilled to venture with GoldenTree InSite and JF Capital," said Dave Johnson, President and CEO of Aimbridge Hospitality. "Our plan is to target value-added hotel properties where there is a significant opportunity to improve operations through capital investment and new management," he added.
Commenting on today's announcement, Jonathan Falik, CEO of JF Capital Advisors, noted: "The overwhelming success of our initial transaction last year has led to this agreement between our firms. We are very excited about the opportunities in the marketplace and expect to be very active."
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