SCOTTSDALE, AZ-Barcelona Hotel Group and Dow Hotel Company LLC (DHC) have formed a partnership to acquire first-class, full-service hotels as part of a $450-million fund.
As part of the agreement, Seattle-based DHC will become a Strategic Alliance Member (SAM) with Barcelona REIT One (BR-1), a closed-end fund that will operate as a private REIT. As a SAM, DHC will co-invest with Barcelona and other investors to acquire hotels operating under leading, premium brands in the mid-market through upper upscale segments. Target acquisitions will be located in primary and secondary US and Canadian markets, according to Richard Harkin, president of Barcelona Hotel Group.
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