Arbor Lodging Partners Acquires Two Indianapolis TownePlace Suites Hotels.
Continuing a significant expansion of its hotel investment platform, the company marks its eighth acquisition in the last ten months with a new acquisition. This morning, the company announced that through an affiliate, it has acquired two select service extended-stay hotels in Indianapolis: the TownePlace Suites Indianapolis Keystone, an 82-room hotel, and the TownePlace Suites Indianapolis Park 100, a 94-room property. NVN Hotels, an affiliate of Arbor, will manage the two hotels.
The two hotels are part of the TownePlace Suites by Marriott brand, and offer an all-suites concept that caters to business travelers. The residential style suites come in studio, one-bedroom and two-bedroom unit sizes, and offer amenities including ample work space and living areas, and full-sized, fully-equipped kitchens.
Vamsi Bonthala, CEO of Arbor Lodging Partners, observed, “We are bullish on select service hotels, and particularly the extended-stay model. We believe this is a corner of the market that carries great potential to add value to the properties.” Bonthala continued, “These hotels are well-located and fit our investment parameters for well-located, high quality properties.”
In addition to twenty first-mortgage loans recently acquired by Arbor, the acquisition marks the seventh and eighth hotels acquired by the firm in the last ten months. “Our hotel platform is in expansion mode; we’re very pleased to be adding these two Marriott-branded properties to both our ownership and management portfolios,” added Arbor Lodging Partners principal Sheenal Patel, also CEO of NVN Hotels.