Partnership Formed To Acquire Hotel Assets

Winston Hotels, a real estate investment trust here, and private investment firm Charlesbank Capital Partners in Boston, said they formed a partnership to acquire more than $100 million of hotel assets.
The companies said the new venture will target limited-service, upscale extended-stay and small, full-service branded hotels in secondary and primary markets.

Charlesbank will provide 85% of the investment for each acquisition, with Winston providing the remaining 15%, the companies said.

Winston said it will contribute two properties from a previous separate joint venture to the new partnership, including a vacant building in suburban Cleveland that is being converted to a 113-room Courtyard by Marriott and the 102-room Fairfield Inn by Marriott in Des Moines, Iowa.