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Follow on Google News | Synergy Hospitality Adds Ninth Hotel to its Expanding Management PortfolioSynergy Hospitality awarded management of Hampton Inn Plymouth Meeting following recapitalization of hotel.
The Hampton Inn Philadelphia/ "We are excited to add this strategically located and strong performing asset to our portfolio and continue our partnership with Versant and Clear Vista Management,” Versant recapitalized the hotel and assisted the tenant-in-common investors by originating new senior debt, syndicating new capital for the mezzanine financing and utilizing Internal Revenue Code Section 721 to roll up the TIC structure into an LLC on a tax-deferred basis. As part of the restructuring, the hotel will undergo a $3,250,000 property improvement plan intended to enhance curb appeal, increase occupancy and meet the brand guidelines associated with Hampton Inn’s current design initiatives. The tenant-in-common investors also opted to replace their former asset manager and sponsor, and selected Clear Vista Management and Virtua Partners, respectively. “Synergy Hospitality brings innovation and a great deal of experience to us as a hotel operator," stated Quinn Palomino, Principal of Versant and Clear Vista Management. “Excellent management is the key to a successful hotel and we are pleased to partner with them on this project.” Please visit http://www.synergyhotels.com to learn more about Synergy Hospitality’ About Synergy Hospitality Based in Suburban Philadelphia, Synergy Hospitality manages extended-stay, limited-service and full service hotels throughout the Mid-Atlantic. Every decision made is based on increasing the value of our managed hotels. We believe the most critical element in enhancing the value of a hotel is to develop a passionate and motivated team that understands and lives by the core values we collectively maintain. Our experience proves how developing a successful culture leads to an extraordinary guest experience. For more information, please visit: http://www.synergyhotels.com/ End
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