Shaner Hotel Group Plans to Acquire $500M in Properties
- Jun 15, 2010
June 15, 2010
By Allison Landa, News Editor
State College, Pa.-based Shaner Hotel Group said Monday that it is seeking to expand its portfolio to the tune of between $300 and $500 million in acquisitions – possibly by as soon as the end of this year.
Shaner chairman and CEO Lance Shaner said in a statement that the plan has been in place for some time. “The availability of assets coming to market is finally beginning to expand, which has allowed us to put our plan in action,” he said. “Capital has not been the problem in hotel real estate transactions – it has been available product.”
As part of the plan, the company’s Shaner Mortgage Real Estate Investment Trust has acquired $90 million of performing first mortgage debt under its previously announced plan to acquire $200 million in debt. It currently seeks to obtain the balance.
The company is targeting multi-unit and single-asset acquisitions from owners and lenders – specifically, properties less than 10 years old in cities east of the Mississippi. Additionally, the firm wants upscale select-service and full-service properties with $70 or higher RevPAR. Shaner will operate all newly acquired hotels.
Shaner is a developer, owner and operator that currently owns and manages 30 hotels.