Triyar Hospitality has launched its first $160 million joint venture with Warburg
Pincus Real Estate to acquire and develop select-service hotels in
the Western and Southwestern United States.The JV primarily targets the
development of select-service hotels such as aloft, Starwood’s new select
service concept aimed at business travelers. In addition, the JV will
consider the acquisition, repositioning and development of lodging assets
within other sectors and brands.
  “We believe that Starwood has created a unique product that fills a
market void between full-service boutique hotels and traditional
select-service and limited-service properties,” commented Michael Mahoney,
Triyar Hospitality’s Chief Executive Officer. “Our joint venture with
Warburg Pincus will enable us to react quickly to opportunities and build a
portfolio of state-of-the-art hotel assets,” added Mahoney.
  Commenting on the JV, Steven Yari, a Triyar Hospitality founder said:
“Warburg Pincus provides Triyar with a long-term partner who shares our
opportunistic vision in the select-service hospitality space. This
relationship will allow us to deliver quality, technologically-advanced and
affordable rooms to business and leisure travelers in select infill markets
throughout the Western and Southwestern U.S.”
  Triyar Companies, LLC, which includes Triyar Hospitality (Triyar), has
been actively investing in U.S. real estate since the mid-1950s, engaging
in property development, acquisition, management and leasing. The company
has extensive real estate holdings including hotels, high-rise commercial
(office) and residential buildings, industrial business centers, enclosed
shopping malls and retail centers with a strong concentration of properties
in New York (Manhattan), Texas, California and Arizona. Triyar and its
affiliates also own development land for mixed-use commercial and
residential projects and have diverse operating business interests in
restaurants, health clubs, film production and aerospace manufacturing. The
firm’s success has resulted from carefully selecting projects in strategic
locations, aggressively managing its portfolio and revitalizing
under-performing properties post acquisition through capital improvements
and creative leasing programs. Current lodging properties under development
by Triyar include the $105 million W Scottsdale Hotel & Residences, in
Scottsdale, Arizona and the $25 million aloft Tempe in Tempe, Arizona.
  “Triyar has an established track record of successfully acquiring and
developing real estate assets across multiple U.S. markets,” said Michael
Profenius, a Warburg Pincus Managing Director. “We believe our joint
venture is well positioned to identify and invest in attractive
opportunities in today’s current lodging environment.”
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