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Company is in “active negotiations” for first portfolio
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Hotels under 10 years old in cities east of the Mississippi will be prime targets for Shaner Hotel Group as it executes an aggressive strategy to acquire $300 million to $500 million worth of hotel assets. The State College, Pa.-based developer/owner/operator is looking at both select-service and full-service properties in robust markets with $70 or higher RevPAR. Topping the destination list are cities with multiple, stable demand generators such as college towns, state capitals and cities with “a sizable defense industry base.”
While that sounds like a tall order, Lance Shaner, chairman and ceo, sees more good product coming to market. “Capital has not been the problem in hotel transactions; it has been [the lack of] available product,” he said in corporate statement. “The availability of assets is finally beginning to expand, which has allowed us to put our plan in action.” With one deal already in negotiation, Shaner predicts the acquisitions could take place “near term, possibly as soon as by year's end.”
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