Embassy Suites Laredo Acquired by AWH Partners
New York, NY–
October 3, 2019
Investors Purchase Only Full-Service, Branded Hotel in Established Texas Border Market
AWH Partners, LLC, a privately held real estate investment, development and management firm, announces today the purchase of Embassy Suites by Hilton Laredo, a strategic acquisition for the company already well-versed in the ownership, renovation and operation of Embassy Suites by Hilton hotels. Located in downtown Laredo – the largest port along the United States-Mexico border – the 154-suite property is the only full-service, branded hotel in the market. Spire Hospitality, AWH’s full-service hospitality management company, is now managing the Embassy Suites Laredo and will begin implementing core strategies and procedures to grow operating revenues and profit margins.
“Our ownership and management team bring a strategic advantage in the ownership and operation of Embassy Suites hotels,” says Jonathan Rosenfeld, co-founder and managing partner, AWH Partners. “Our team acquired a portfolio of eight, distressed Embassy Suites across the nation, executing multi-million-dollar renovations and replacing management at each. The result included cost-savings initiatives and created significantly stronger value of each of the hotels in the portfolio. Our deep knowledge of the Embassy Suites brand from that extensive project, as well as from others, allows great opportunity for AWH and Spire Hospitality at Embassy Suites Laredo.”
Poised as a market leader in historic downtown Laredo, the hotel features notable Embassy Suites benefits of two-room suites and complimentary made-to-order breakfasts and evening receptions. Centrally located three miles from Laredo International Airport and a short drive from the Mexico border, the property offers 4,000 square-feet of flexible meeting and ballroom space, an executive boardroom, indoor pool and fitness center. The Mall Del Norte, with over 160 stores, and Lake Casa Blanca International State Park are in close proximity, while the Laredo Energy Arena housing up to 10,000 people for annual concerts and events is also a short distance from Embassy Suites Laredo.
“Laredo has a strong, stable economic base, with continued opportunity for growth,” says Russ Flicker, co-founder and managing partner, AWH Partners. “The inland port processed more than half of all land trade in Texas last year, while the destination is also popular for weekend travelers from Mexico. In addition, the hotel demand continues to expand with a full-service convention center set to open in Laredo in 2020.”
About AWH Partners, LLC
AWH Partners, LLC (“AWH”) is a privately held real estate investment firm formed by alumni of The Blackstone Group and The Related Companies. Since 2010, AWH and its principals, Russ Flicker, Jon Rosenfeld and Chad Cooley, have amassed a sizeable portfolio of hotels across the country. AWH owns Spire Hospitality, a top-tier, national hospitality platform and AWH Development, a full-service real estate development company, providing complete vertical integration in the hospitality investment space. www.awhpartners.com
About Spire Hospitality
Spire Hospitality, led by newly appointed CEO Chris Russell, is a third-party operator of 6,000 room keys and 300,000 square feet of meeting space across 17 states. The Spire portfolio, with a focus on large, full service hotels, includes unique independent properties and premier branded assets across Hilton Hotels & Resorts (HLT), InterContinental Hotels Group (IHG) and Marriott International (MAR). Spire Hospitality offers expertise in all facets of hospitality management and is committed to preserving, protecting and enhancing the value of hotel real estate. www.spirehotels.com