Residence Inn by Marriott
ACG purchased a 22.5% equity interest in a limited partnership which in turn acquired eight Residence Inn by Marriott hotels that total 1,069 rooms. The purchase price of the hotels was $104,500,000 with a total acquisition and development budget of $112,000,000. The partnership is controlled by general partners with extensive experience in the extended stay space and specific experience with the Residence Inn flag. Each hotel was designed and built as a Residence Inn and is operated under a long-term management agreement by Marriott International. The Properties are located in Ann Arbor, MI (114 rooms), Fishkill, NY (139 rooms), Fort Worth, TX (120 rooms), Orlando, FL (176 rooms), Providence, RI (96 rooms), Sacramento, CA (176 rooms), Tyler, TX (128 rooms), and Wilmington, DE (120 rooms).
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