Hotel Equities and Virtua Partners Close on Fairfield Inn & Suites by Marriott in Colorado Springs
Atlanta, GA, April 01, 2019 (GLOBE NEWSWIRE) -- Hotel Equities (HE), through its affiliate Virtua Partners, has purchased the Fairfield Inn & Suites Colorado Springs North/Air Force Academy. The hotel, located at 15275 Struthers Road in Colorado Springs, is the closest hotel to the U.S. Air Force Academy north entrance. Virtua Credit Corporation arranged the financing for the purchase.
Hotel Equities operates the Marriott hotel and will continue to oversee the asset. The hotel owner, operator and development firm currently manages 30+ Fairfield Inn & Suites and over 120 hotels throughout the U.S. and Canada. HE and Virtua Partners joined forces last year to expand upon their current hospitality portfolio through new development and acquisition opportunities.
“Since assuming management of the asset, Hotel Equities has added significant value through implementation of their proprietary labor models and cost initiatives,” said Quinn Palomino, Principal of Virtua Partners. “Our investment into the property and HE’s management expertise will facilitate optimal performance results and maximum returns for investors.”
“With spectacular views of Pike’s Peak and its close proximity to the U.S. Air Force Academy, the hotel is in an excellent location,” said Brad Rahinsky, President and CEO of Hotel Equities. “We are eager to elevate the property through planned improvements further securing the hotel’s position among the best in the Colorado Springs market.”
About Virtua Partners:
Virtua Partners is a global private-equity firm specializing in commercial real estate. The firm and its affiliates sponsor a variety of investment funds and commercial real estate projects across the United States and currently have 16 million square feet of assets under management or development. Virtua Partners was the first firm to introduce an Opportunity Zone Fund in June 2018 and the first to complete a rezoning of an Opportunity Zone project. Virtua Partners’ goal is to provide superior risk-adjusted returns for high-net-worth individuals and family offices through comprehensive strategies, rigorous underwriting and careful execution. Virtua Partners strives to lead the conversation on how Opportunity Zone participants can evaluate, communicate and maximize the social impact of the investments they make in local communities.
About Hotel Equities:
Hotel Equities (HE) is an Atlanta-based full-scale hotel ownership, management and development firm operating 120+ hotels throughout the U.S. and Canada. Frederick W. Cerrone, CHA, serves as Founder and Chairman; Brad Rahinsky serves as President and CEO. For more information, visit www.hotelequities.com.
-- Fairfield Inn & Suites by Marriott-Colorado Springs North/Air Force Academy
Sommer Shiver, Director of Communications, Hotel Equities, 678.578.4444, x 19 Brad Rahinsky, President and Chief Executive Officer, Hotel Equities, 678.578.4444, x 22 Joe Reardon, Chief Development Officer, Hotel Equities, 678.578.4444, x 23