SAN FRANCISCO & MINNEAPOLIS – (BUSINESS WIRE) – Nov. August 2021–

Flynn Properties Inc. ("Flynn"), owner of commercial real estate, luxury resorts and select service hotel properties in the Americas and abroad, announced today the acquisition of 20 select service hotels in a joint venture with Värde Partners, a leading global alternative investment company – Sept. Marriott® and nine Hilton® branded locations – as part of a $ 211 million deal with Apple Hospitality REIT (NYSE: APLE), a publicly traded real estate investment trust (REIT) that owns one of the largest and most diverse portfolios of upscale , room-oriented hotels in the United States.

The newly acquired properties, located throughout the Sunbelt, Northeast, Pacific Northwest and Midwest, will see capital improvements over time. Flynn Properties will be tasked with managing the portfolio on a day-to-day basis and executing the business plan as a managing member of the joint venture.

"We are pleased to announce the addition of these Marriott and Hilton branded hotels to our portfolio," said Greg Flynn, founder, chairman and chief executive officer of Flynn Properties. "This acquisition is part of a broader business strategy for Flynn Properties to expand its presence in select service hotels, which has proven to be one of the top performing sectors in the industry. We are also passionate about the quality of the hotels included in this offering as both Marriott and Hilton are global icons of the hospitality industry, known for hosting some of the most loyal business and leisure travelers in the world while offering extremely robust guest loyalty programs, one of which we believe they will be an important source of guest income and retention. "

"Värde is pleased to partner with a seasoned sponsor with Flynn Properties to acquire a portfolio of well-positioned hospitality properties in attractive locations with strong supply / demand dynamics in the market. These properties weathered the pandemic well and show the healthy demand for selected service hotels and the strength of their brands, "said Francisco Milone, Head of Real Estate Special Situations at Värde Partners. "The hotel sector has experienced an unprecedented shock in which extreme cash flow disruptions have resulted in significant capital demand. As the sector begins to recover from the pandemic, we believe there will be opportunities to selectively invest in high quality assets that are well positioned to benefit from the return of business and leisure travel. "

This acquisition will expand Flynn Properties' select service hotel portfolio to 26 hotels and complement the six existing Marriott branded hotels it currently owns. Flynn Properties is a division of San Francisco-based Flynn Holdings, which has two main businesses: real estate and restaurants. Flynn Properties previous hotel investments include six Marriott Courtyards and four super-luxury resorts: Esperanza in Los Cabos, Mexico, Carneros Resort & Spa and Solage, both in Napa, California, and Hotel Madeline in Telluride, Colorado. Its commercial investments consist primarily of technology-oriented office buildings on the west coast, totaling over 3 million square feet. The subsidiary Flynn Restaurant Group LP is the largest franchise restaurant operator in the world and one of the 20 largest food service companies of all kinds in the United States people.

Värde has over 25 years of experience investing in real estate, including financing and owning hospitality properties. The company completed the sale of a portfolio of eight European luxury hotels under the The Dedica Anthology brand in September 2020 after transforming the hotel group by appointing a world-class management team, refinancing the business and executing an ambitious investment program.

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About Flynn Properties, Inc.

Flynn Properties Inc. has extensive experience investing in commercial and hospitality real estate. Founded in 1994, Flynn Properties is based in San Francisco, California and owns over 3 million square feet of technology-oriented office buildings on the West Coast. In addition to 26 selected service hotels from the Marriott and Hilton brands, Flynn Properties' hospitality investments also include the luxury resorts Esperanza in Los Cabos, Mexico, the Carneros Resort and Solage, both in the Napa Valley, and the Hotel Madeline in Tellurid. More information is available at http://www.flynnholdings.com.

About value partners

Värde Partners is a leading global alternative investment firm with roots in the credit and distressed arena. Founded in 1993, the company has invested $ 80 billion since its inception and manages $ 15 billion on behalf of a global investor base. The company's investments include corporate and trade loans, real estate and mortgages, private equity and direct loans. Värde employs more than 300 people worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. Further information can be found at http://www.varde.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005328/en/

CONTACT: Matt Ciesluk

Stacy Abouyon

BML public relations

973-337-6395

Andrea Raphael

Value partner

Global Head of Communications & Public Affairs

+1 212-321-3784

communication@varde.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MINNESOTA

SECTOR KEYWORD: PROFESSIONAL SERVICES HOLIDAY FLATS FINANCING CONSTRUCTION & REAL ESTATE REISE REIT

SOURCE: Value Partner

Copyright Business Wire 2021.

PUB: 09/08/2021 10:00 AM / DISC: 09/08/2021 10:01 AM

http://www.businesswire.com/news/home/20210809005328/en

Copyright Business Wire 2021.

source https://seapointrealtors.com/2021/08/09/flynn-properties-and-varde-partners-form-joint-venture-acquire-20-select-service-hotels-business/

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