MIG Real Estate Acquires Jackson, WY Point Inn & Suites Hotel
Newport Beach, Calif.-based firm grows its hospitality portfolio through Wyoming acquisition
September 20, 2011 - MIG Real Estate , a Newport Beach, Calif.-based real estate investment company formerly known as Stoneridge Capital Partners, has acquired the 90-room Point Inn & Suites Hotel in Jackson, Wyoming. This transaction marks the firm's fifth hotel acquisition within the last 18 months. MIG purchased the property from an undisclosed seller and retained Hospitality Management Advisors, Inc., of Memphis, Tennessee to manage the property.
“The Point Inn & Suites presented us with the opportunity to enter a market with a high-barrier to entry through the acquisition of a hotel with a proven track record,” said MIG Real Estate Chief Executive Officer Greg Merage. “MIG will continue to focus on the acquisition of well-located hotel properties in the western United States.”
The three-story Point Inn & Suites will undergo a $4.75 million renovation and planned conversion to a major national brand- expected to be completed by May 2012. “There is currently a lack of supply of branded select service lodging properties in Jackson, and with the conversion of this property we will be able to capitalize on Jackson's unique market fundamentals,” notes Merage.
Located at 350 S. Highway 89 just outside of historic downtown Jackson, the Point Inn & Suites is also accessible from Highway 22. The hotel's proximity to Jackson Hole, a premier location for outdoor enthusiasts due to its access to the Grand Teton National Park and Yellowstone National Park, will allow it to capitalize on heavy transient guest traffic in both the winter and summer months.
Over the last 18 months, MIG Real Estate has continued to expand its hospitality portfolio through strategic acquisitions and has acquired the Hotel Highland in Phoenix, the Courtyard in downtown Edmonton, and the Holiday Inn & Suites and Holiday Inn Express properties in Denver. MIG Real Estate was represented on the transaction by Larry Wright, Jr.
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