Aimbridge Hospitality, announced that it has added 103 hotels, formerly known as Jameson Inns and located in 12 states in the Southeastern United States, to its management portfolio.
Earlier this year, an investment vehicle managed by affiliates of Colony Capital, LLC, including Colony Financial, Inc., assumed ownership of the portfolio of hotels. As part of their business plan to reposition the portfolio, Colony selected Aimbridge to manage the portfolio and effect a substantial renovation and rebranding under the banners of certain nationally-recognized chains. In addition, a fund affiliated with the principals of Aimbridge Hospitality and Argonaut Private Equity has acquired a minority economic stake in the hotel portfolio.
Thomas J. Barrack Jr. , Chairman and CEO of Colony, said, "We are pleased to partner with Aimbridge and its proven team, which has already completed the management transition with minimal disruption. They are a natural fit for this project, bringing the operational expertise to move these assets to the top of their class."
Dave Johnson , President and CEO of Aimbridge, said, "We are delighted to invest alongside a firm of the caliber of Colony and we look forward to further enhancing and reinvigorating these properties."
The portfolio of hotels, located in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Virginia, totals 7,000 guest rooms and 1,700 associates. The portfolio will be managed by Channel Point, a wholly owned and operated subsidiary of Aimbridge.
Moelis & Company acted as financial advisor to Colony in connection with its assumption of ownership and repositioning of the portfolio
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