Aimbridge and JMI Acquire Phoenix Inn Suites Portfolio
DALLAS, TX, April 11, 2006. Aimbridge Hospitality has entered into a joint venture with JMI Realty and equity partner Merrill Lynch to acquire the Phoenix Inn Suites brand, consisting of 11 hotels in Oregon, Washington, and Arizona.
The new owners did not disclose the price they paid for the all-suite brand, which they plan to expand. In the short-term, the partnership plans to invest $7.5 million in guestroom renovations.
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