For over 20 years, the Color Harmony series has provided widely acclaimed comprehensive expert color advice and insight into how color works, what can be achieved with the right color choices, and ...
Investor groups plan $90M in renovations
Red Roof Inns Inc. says it has completed a recapitalization plan that involved selling nearly 200 of its economy hotels to two investor groups. Those new owners, in turn, say they plan to pump a total of $90 million into renovating those locales.
A joint venture involving Five Mile Capital Partners and Westmont Hospitality Group has acquired the ownership of 143 Red Roof Inns. Terms of that sale were not disclosed. Those partners say they will spend $70 million to renovate and upgrade those locales with the brand’s NextGen design elements.
Red Roof Inns also said it recently completed a similar transaction with Dune Real Estate Partners and Westmont Hospitality Group affiliates that included the acquisition of 51 Red Roof Inns. That joint venture plans to contribute an additional $20 million for property renovation and upgrades.
“Now that the recapitalization is complete, the investments from both the Five Mile and Dune ventures position the brand well for long-term health and profitability,” says Andrew Alexander, president, Red Roof Inns Inc., which has a total of nearly 350 properties in the U.S.
Did you enjoy this article? Click here to subscribe to the magazine.
