Shamrock-Hostmark Fund Completes First Sale
-- Hotels, 7/11/2008 7:00:00 AM
Schaumburg, IL, July 9, 2008 – The Shamrock–Hostmark Hotel Fund, LP, (“Fund”) is pleased to announce the sale of a SpringHill Suites by Marriott located in Miami, Florida. The transaction took place on June 30, 2008.
The Fund acquired the 7-story, 151-room AmeriSuites Hotel located in Miami, Florida, adjacent to Miami International Airport in November, 2005. The property was rebranded at acquisition from an AmeriSuites to Springhill Suites by Marriott. While repositioning the asset, operator Hostmark Hospitality Group leveraged executive talent to produce an aggressive performance objective and deliver an improved guest experience. The hotel produced a total return to the Fund of 2.3X and an IRR of approximately 43%.
Since its inception in November, 2005, the Fund has acquired six hotels that fit the qualifying criteria. The Fund’s portfolio includes hotels in Princeton, NJ, San Antonio, TX, Tampa, FL, Palm Desert, CA, and Andover, MA.
With the combined experience of managing over $3 billion in commercial assets, the Fund’s co-sponsors are uniquely positioned to capitalize on the opportunities that exist in the lodging market today. Relying on a talented team with over 100 years of experience in commercial real estate management, the Fund is actively pursuing hotel investments in major markets throughout the United States that would benefit from enhanced management and/or repositioning to enable the Fund to achieve superior returns in today’s investment markets.
Shamrock Holdings of California, Inc. (www.shamrock.com) was founded in 1978 as the investment vehicle for the Roy E. Disney family. Since that time, Shamrock has invested more than $2 billion in real estate and private equity transactions across a broad range of property types and industries. Shamrock currently manages five private equity and real estate funds comprising roughly $1 billion of equity capital.
Hostmark Hospitality Group (www.hostmark.com) is a leading hospitality management firm operating upscale full-service hotels, resorts and select service hotels worldwide. Hostmark has a proven long-standing reputation for performance-driven results through superior operating and asset management.
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