Sage Hospitality Announces Sale of Four Select Service Properties Top Hotel Management Company to Retain Contracts with Blackstone
DENVER, May 30, 2013 /PRNewswire-iReach/ -- Sage Hospitality, one of the leading hotel investment and management companies in the U.S., is proud to announce the sale and management contract retention of four of its previously owned properties. Sage led the development of these assets in 1999 and 2000 and subsequently owned the hotel with Apollo Global Real Estate. Under Sage's leadership, the hotels have exceeded expectations in revenue and guest service metrics.
"Completing this sale and retaining management of the hotels is an ideal situation for our continuing growth strategy," said Walter Isenberg, President and CEO of Sage Hospitality. "The retention of the contracts after sale is possible due to the property's drive for results and our associate's focus on providing outstanding service. We are looking forward to continued success with these four hotels."
The hotels involved in the CPI Portfolio are: Hilton Garden Inn Orlando at SeaWorld, Hilton Garden Inn Atlanta Perimeter Center, Hilton Garden Inn Denver South Meridian and Homewood Suites SFO Airport North. Maintaining the four management contracts continues the growth of Sage's Select Service division which currently manages more than 40 hotels.
This is Sage's first management contract with Blackstone Real Estate Partners. "We are excited to maintain the management of these assets with Blackstone," said Michael Everett, Chief Investment Officer of Sage. "They have a strong reputation as a leading asset management company and we are pleased to be able to work with them."
To learn more about Sage Hospitality and to view the management company's full portfolio, visit www.sagehospitality.com.
About Sage Hospitality
Founded in 1984, Sage Hospitality has strategically grown into one of the largest privately held hotel management, investment and development companies in the nation operating a variety of large, full-service hotels and extended stay and select-service properties. Sage Hospitality's comprehensive management portfolio includes major international brands for Marriott, Starwood, Hilton and IHG as well as the independent boutique hotels. Sage Hospitality has further differentiated with the creation of the Sage Restaurant Group, which has created and is managing over nine unique restaurant concepts including the acclaimed Mercat a la Planxa restaurant in Chicago. For more information, please visit www.sagehospitality.com.
About Apollo Global Management
Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of more than $114 billion as of March 31, 2013, in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.
Media Contact: Kate Davis, Sage Hospitality, 303-595-7259, firstname.lastname@example.org
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SOURCE Sage Hospitality