Virtua Partners, a private equity firm specializing in commercial real estate, has completed its merger with Atlanta-based hotel operator Hotel Equities. Virtua also reportedly raised more than $341 million in 2019, a significant portion of which resulted from its hospitality and opportunity zone initiatives, the company said.
Hotel Equities is a hotel ownership, management and development firm with a portfolio of more than 140 projects under management and under development throughout the U.S. and Canada.
“Having a capital arm alongside Hotel Equities allows our firm to be more well-rounded as it relates to acquisitions, potential mergers and scaling our growth,” says Joe Reardon, chief development officer at Hotel Equities. “Our current owners have yet another resource within HE for restructures, mezzanine debt and joint venture deals, which strengthens our partnerships within the hotel owner community.”
Virtua Partners and its affiliates cover the property development lifecycle, from acquisition and ground-up development to stabilization and recapitalization. The firm’s portfolio includes properties around the country with a focus on the “high-growth, business-friendly” Sun Belt states like Texas, Arizona, Florida, Georgia, and North Carolina.
During 2019, the team was able to secure:
- $30 million in non-recourse construction loans to complete the construction of a Marriott Courtyard in Winston-Salem, North Carolina and the ground-up development of a SpringHill Suites by Marriott in Avondale, Arizona
- $14 million non-recourse bridge financing for a Hampton Inn by Hilton in the Philadelphia metropolitan area, following renovations
- $7.2 million in acquisition financing for the purchase of a Fairfield Inn & Suites in Colorado Springs, Colorado
In addition, the total includes permanent loans, land loans, construction and bridge loans and preferred equity placement for a range of properties types, including office, multi-family, and hospitality.
Virtua Partners and its affiliates sponsor a variety of investment funds and commercial real estate projects across North America.