ALIS: AWH Partners continues to grow with the latest Californian acquisition
AWH Partners continues its solid growth, with the property investment, development and management company acquiring its fifth hotel in 12 months.
Revealed at the 2022 Americas Lodging Investment Summit (ALIS) in Los Angeles this week (January 24), AWH Partners has acquired the Kimpton Goodland Goleta, a 158-room hotel near Santa Barbara, California.
Last year’s latest acquisition brings AWH’s total to over US$240 million in purchase price, with over US$100 million in equity invested and US$30 million in renovations planned.
“AWH is delighted to diversify our expanding portfolio of attractive hotel properties and deepen our exposure to high-growth West Coast markets with the addition of the Goodland Goleta Hotel, another asset acquired on an extremely attractive basis that we could never have reached pre-pandemic,” said AWH Partners co-founder and managing partner Russell Flicker.
“With minimal new supply, a general lack of available sites, and high land prices, the Santa Barbara market presents high barriers to entry, and we are pleased to have found this attractive opportunity, which has never been offered to the public on the same terms.
“We look forward to renovating the lifestyle hotel and welcoming guests to this highly accessible leisure destination.”
Other recent AWH acquisitions include the Villa Florence Hotel in San Francisco, a freestanding 189-room hotel and over 10,000 square feet of retail space; the DoubleTree by Hilton Hotel Anaheim in Orange County, a 461-room property located adjacent to the UCI Medical Center and near Angel Stadium, Disneyland and the Anaheim Convention Center; the Hilton Garden Inn, Fremont Milpitas, a 145-room high-end 2021 vintage property adjacent to Tesla’s flagship Silicon Valley factory; and Hilton Garden Inn, Portland/Lake Oswego, a 179-room hotel located in an affluent suburb of Portland.
“Since the onset of the COVID-19 pandemic, we have made intense efforts to stabilize our portfolio so that we can focus our attention on what we do best – investing in complex, distressed and unique hotel assets,” said said the co-founder of AWH Partners. and managing partner, Chad Cooley.
“We have made a substantial financial commitment to keep our management team united and motivated, and we have invested resources in technology and data to boost our acquisition efforts in 2021.
“Looking back, our investing activity speaks for itself and we’re excited about how we’re positioning ourselves heading into 2022,” he said.
AWH Partners Co-Founder and Managing Partner, Jon Rosenfeld, added: “AWH was created in the midst of the global financial crisis, with much of our initial portfolio acquired due to severe distress.
“As we continue to navigate the economic challenges posed by the pandemic, we are in a unique position to leverage our deep experience across market cycles to continue to identify, execute and create value for growth opportunities. attractive investment in the US hosting space as the industry rebounds and demand across all channels accelerates.
“While many expected a rapid deluge of opportunity to materialize at the onset of the pandemic, we now know there will be pockets of exciting opportunities for at least the next 24 months in our space” , did he declare.
With the latest acquisitions, AWH Partners now has over 9,500 hotel rooms across 35 hotels, representing billions in total real estate value.