CLINTON, MD (Oct. 31, 2018) – Civitas Capital Group (“Civitas”), a leading independent specialty asset management and financial services firm, has closed on the acquisition of the 115-room TownePlace Suites in Clinton, Maryland.
This is the first closing within the Civitas Pretium Fund, LP, which seeks to acquire and reposition branded U.S. select and limited service hotels. The Fund targets attractive risk-adjusted returns through both current income and capital appreciation.
The TownePlace Suites Clinton at Joint Base Andrews is an extended-stay hotel that has benefitted from its excellent location and market since opening in 2008. Located approximately 10 miles from U.S. Capitol Building in Washington, D.C., the hotel is uniquely positioned in a secondary submarket with Top 25 market attributes and demand drivers. This includes adjacency to the home of Air Force One, Joint Base Andrews, itself in the middle of a $250 million upgrade to the hangar for the Air Force aircraft used by U.S. presidents.
The TownePlace Suites Clinton was renovated in 2015 and features 93 studios, 14 one-bedroom units, and eight two-bedroom units. Amenities such as a swimming pool and an expanded great room were added to accommodate extended-stay military guests, who average 55-night stays.
“With nearly 350 hotels, TownePlace Suites by Marriott is a trusted name in extended-stay hotels, and we’re thrilled to continue working with this top-tier brand,” said Caroline Perel, managing director for Civitas. Civitas last year purchased TownePlace Suites Waco in Central Texas. “The hotel’s proximity to Joint Base Andrews, National Harbor, and the greater D.C. market made TownePlace Suites Clinton a perfect acquisition for Civitas.”
Aimbridge Hospitality, the nation’s largest independent hotel investment and management firm, will manage the property on behalf of Civitas.
Civitas’s Lodging team has developed and renovated projects totaling over $1.5 billion, with an expertise that spans the breadth of industry sub-specialties, including the acquisition, development, financing, strategic positioning and branding, asset management, and disposition of hotels.
For more information, contact Eric Celeste at [email protected].
About Civitas Capital Group
Civitas Capital Group is a Dallas, Texas-based alternative asset firm that provides a range of products and services for institutional investors, family offices, and qualified individuals. The firm, which has more than $1.3 billion of assets under management in more than 50 investments, focuses on compelling, niche investment strategies in U.S. real estate and lodging. Civitas’ executive team has over 100 years of combined investment experience, including more than 80 years of collective hospitality experience. For more information, please visit civitascapital.com.
About TownePlace Suites by Marriott
TownePlace Suites by Marriott is an award-winning, extended-stay hotel brand that is ideal for travelers who need accommodations for longer stays. The brand’s simple yet innovative design features personal touches and playful details allowing guests to live uninterrupted. Offering studio, one-bedroom, and two-bedroom suites with fully equipped kitchens, the brand offers thoughtful spaces for living and working. TownePlace Suites currently has the highest market share growth of any Marriott brand. There are currently over 350 properties across the United States and Canada. TownePlace is proud to participate in the industry’s award-winning loyalty program, Marriott Rewards® which includes The Ritz-Carlton Rewards®. Members can now link accounts with Starwood Preferred Guest® at members.marriott.com for instant elite status matching and unlimited points transfer. For more information or reservations, visit www.towneplacesuites.com, become a fan on Facebook or follow @TownePlace on Twitter.
About Aimbridge Hospitality
Aimbridge Hospitality is the nation’s largest independent hotel management firm with a proven track record for delivering superior returns for its strategic partners in a variety of markets and economic cycles. Aimbridge provides property management, asset management, development, renovation and consulting services. Based in Dallas, Texas, and with offices in Chicago and Puerto Rico, Aimbridge currently owns and/or manages approximately 800 upscale, independent, branded hotels with more than 100,000 rooms across the United States and the Caribbean. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com.
This press release does not constitute an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Civitas’ track record includes projects and work product of Juno Development, an entity that merged with Civitas in January of 2013 after having worked together for many years. Past performance is not necessarily indicative of future results.