Phoenix American Hospitality, a Dallas-based opportunistic hotel fund manager, has closed its $50 million Regulation D offering, American Hospitality Properties Fund III LLC.
“The closing of this fund is an important milestone for Phoenix American Hospitality and reflects on our team’s professional experience in investments and ability to produce results” said Perch Nelson, president and chief executive officer of Phoenix American Hospitality. “We will continue to focus on acquisition and management opportunities to expand our ever-growing portfolio.”
The American Hospitality Properties Fund III acquired 17 upper midscale and upscale hotels in the United States, including:
Aloft Rogers-Bentonville in Arkansas; Courtyard by Marriott Baton Rouge Siegen Lane in Louisiana; DoubleTree by Hilton Charlotte Airport in North Carolina; Fairfield Inn & Suites Jonesboro in Arkansas; Hampton Inn & Suites Fort Myers Beach/Sanibel Gateway in Florida; Hilton Garden Inn Fort Wayne in Indiana; Hyatt Place Atlanta/Alpharetta/North Point Mall in Georgia; Hyatt Place Charlotte/Arrowood in North Carolina; Hyatt Place Dallas/Park Central in Texas; Hyatt Place Greenville/Haywood in South Carolina; Hyatt Place Roanoke Airport/Valley View Mall in Virginia; Hyatt Place Topeka in Kansas; Residence Inn by Marriott Cape Canaveral Cocoa Beach in Florida; TownePlace Suites Fayetteville North/Springdale in Arkansas; and TownePlace Suites New Orleans Metairie in Louisiana.
Phoenix American Hospitality invests in hotel properties that provide cash flow and value-added opportunities for the company. The company targets properties that have one or more of the following characteristics: strong cash flow history, located in urban markets with a business travel focus, strong brand affiliation, competitive barriers to entry, acquired at below replacement cost, and are competitively positioned in the submarket.