Sandpiper Hospitality is awarded Management Contract for Portfolio of 14 Extended Stay America Hotels
Richmond, Va. – December 4, 2018 – Sandpiper Hospitality, one of the nation’s leading extended stay hotel management companies, today announced that it has been awarded the management contract for 14 Extended Stay America hotels via a third-party management agreement with the portfolio’s new owner, a subsidiary of Singerman Real Estate, LLC (“SRE”), a Chicago-based opportunistic real estate fund.
Sandpiper Hospitality provided guidance throughout the due diligence and acquisition process for SRE and oversaw the highly successful transition of the hotels. Sandpiper will strategically manage the hotels, located in Ohio, Ill. and Ga., through a newly assembled division, led by industry veteran Mark Schwenker. The division will focus on Extended Stay America branded hotels.
“Our record of unrivaled performance in the extended stay space over the past ten years is clear and evident; and this acquisition puts us at the forefront of the extended stay hotel management discussion,” said Jim Darter, president & CEO of Sandpiper Hospitality. “We have been preparing for this type of growth for the last two years and our efforts are beginning to pay off. Most importantly, we expect to provide outstanding value and return-on-investment for SRE’s investors.”
“We are excited to acquire the portfolio from Extended Stay America, as we have strong conviction in the brand and the mid-priced extended stay market,” said Rebecca Cocchiola, a vice president at Singerman Real Estate. “Furthermore, we are eager to commence our partnership with Sandpiper Hospitality, a preeminent management company with extensive experience in the extended stay sector.”
Sandpiper Hospitality is poised for continued growth through its affiliations with Sandpiper LLC and Sandpiper Lodging Trust as well as its commitment to additional third-party management agreements. With 36 hotels under management, Sandpiper provides great value for its stakeholders through combining the essence of hospitality and superior financial returns in a way that stands apart from its competitors. “Our success is due to our special combination of people and strategy. Our particular commitment to having the right people doing the right things is our secret sauce and will continue to be at the forefront of our growth strategy,” said Darter.
The 14-hotel portfolio consists of 1,396 rooms in total. Six of the hotels are in the Cleveland area, two are in Akron, Ohio, three are in Chicago/Schaumburg, Ill. and three are south of Atlanta in Macon, Ga. and Columbus, Ga. The assets were previously managed by Extended Stay America.
For more on Sandpiper Hospitality, visit www.sandpiperhospitality.com.
About Sandpiper Hospitality
Based in Richmond, Va., Sandpiper Hospitality is recognized as one of the leading management companies in extended stay hospitality. With 36 hotels in nine states under management and prolific growth on the immediate horizon, Sandpiper Hospitality will continue to expand its business to include additional market tiers and premium-branded hotels. The company will develop its portfolio through further ground-up development, selective acquisitions of performing and non-performing properties and third-party management with selected partners.
Sandpiper Hospitality will continue to be a recognized leader in hospitality by combining the spirit of genuine, welcoming hospitality with superior financial returns, fueling the growth and prosperity of its various stakeholders – from associates to guests to owners and investors. For more information, visit www.sandpiperhospitality.com