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MIG Real Estate Acquires Jackson, WY Point Inn & Suites Hotel
Newport Beach, Calif.-based firm grows its hospitality portfolio through Wyoming acquisition
“The Point Inn & Suites presented us with the opportunity to enter a market with a high-barrier to entry through the acquisition of a hotel with a proven track record,” said MIG Real Estate Chief Executive Officer Greg Merage. “MIG will continue to focus on the acquisition of well-located hotel properties in the western United States.”
The three-story Point Inn & Suites will undergo a $4.75 million renovation and planned conversion to a major national brand- expected to be completed by May 2012. “There is currently a lack of supply of branded select service lodging properties in Jackson, and with the conversion of this property we will be able to capitalize on Jackson’s unique market fundamentals,”
Located at 350 S. Highway 89 just outside of historic downtown Jackson, the Point Inn & Suites is also accessible from Highway 22. The hotel’s proximity to Jackson Hole, a premier location for outdoor enthusiasts due to its access to the Grand Teton National Park and Yellowstone National Park, will allow it to capitalize on heavy transient guest traffic in both the winter and summer months.
Over the last 18 months, MIG Real Estate has continued to expand its hospitality portfolio through strategic acquisitions and has acquired the Hotel Highland in Phoenix, the Courtyard in downtown Edmonton, and the Holiday Inn & Suites and Holiday Inn Express properties in Denver. MIG Real Estate was represented on the transaction by Larry Wright, Jr.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in California, Phoenix, Las Vegas, Hawaii, Denver and Edmonton, Alberta. The firm is currently engaged in an aggressive expansion strategy, seeking value added and opportunistic investment opportunities in select service hotels, grocery anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired more than 2.5 million square feet totaling approximately $400 million of assets since April 2009. MIG Real Estate is the real estate arm of MIG Capital (Merage Investment Group), an alternative investment firm that also encompasses MIG Absolute Return and MIG Private Equity. Additional information is available at http://www.migcap.com/
About MIG Capital (Merage Investment Group)
MIG Capital (Merage Investment Group) is an alternative investment firm dedicated to the creation and preservation of capital. Founded by the Merage family, wealth creators committed to the highest levels of integrity, MIG Capital applies an entrepreneurial mindset combined with a highly disciplined approach. MIG Capital and its affiliates have more than $1 billion in assets under management in three principal areas: MIG Absolute Return, MIG Private Equity and MIG Real Estate. Substantial investment of family capital in all asset classes ensures full alignment with MIG investors. Additional information is available at http://www.migcap.com.