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Aspen, AEW join forces on three-hotel deal
December 2 2010

Aspen Hotel Management Group and AEW Capital Management acquire three boutique hotels in San Francisco's Union Square submarket.

Highlights
  • AEW acquires properties on behalf of its sixth real-estate opportunity fund.
  • Terms of the deal were not disclosed.
  • Hotel Project Group will manage the portfolio and implement the strategic business plan in collaboration with AEW.
HNN Newswire

SAN FRANCISCO (December 2, 2010)--Aspen Hotel Management Group (Aspen) in partnership with AEW Capital Management, L.P. (AEW) is pleased to announce the acquisition of a portfolio of three boutique hotels in San Francisco. AEW acquired the assets on behalf of AEW Partners VI, L.P., the sixth of a series of real estate opportunity funds managed by AEW.

The hotels, Hotel Frank, Hotel Metropolis and Hotel Vertigo, are all well-located in the Union Square submarket, one of the premier visitor and retail destinations in San Francisco. The hotels range in size from 102 to 153 rooms.

“AEW manages real estate investments worldwide and is highly regarded in the industry.” said Bashar Wali, President of Aspen. “We are thrilled to partner with a world class organization like AEW as we re-enter the San Francisco market.”

Aspen is the parent company to Hotel Project Group and Provenance Hotels. Hotel Project Group will manage the portfolio and implement the strategic business plan in collaboration with AEW. The longer-term goal is for Provenance Hotels to rebrand and reposition the assets in order to create a unique destination experience with deeply integrated art concept.

“We are pleased to form this alliance with Aspen,” said Henry Vickers, Director at AEW. “They understand the business and we are very impressed by their ability to position and manage hotels.”

About Aspen Hotel Management Group
In addition to owning urban hotels in the Western United States, such as the Westin in Portland, Ore., and the Paramount and Roosevelt in Seattle, Wash., which are operated by third-party managers, Aspen Hotel Management Group (
http://www.aspencapital.com) conducts a wide array of services in the hotel industry that include acquisitions, development, asset management, joint ventures, financing and workouts. AHMG also owns multiple subsidiaries, including Hotel Project Group (HPG) and Provenance Hotels (Provenance). HPG is a specialized hotel management company focusing on turn-around opportunities for third-party owners dealing with short- and medium-term contracts. Provenance (http://www.provenancehotels.com) is an owner and operator of mid-sized upscale properties with an emphasis on redeveloping boutique urban hotels with a distinct art direction, such as the Hotel Lucia in Portland, Ore., the Hotel Max in Seattle, Wash., and the Hotel Murano in Tacoma, Wash.

About AEW Capital Management, L.P.
Founded in 1981, AEW provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $43.4 billion of property and securities in North America, Europe and Asia (as of September 30, 2010). AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore and Hong Kong, as well as additional offices in nine European cities. Recently, AEW was honored to be named “2010 Real Estate Investment Manager of the Year” by Institutional Investor. The magazine conducted an independent survey of investors to measure investment managers on specific criteria, including client service, innovation, investment performance, reputation, and risk management. For more information please visit
http://www.aew.com.

 

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