NEWPORT BEACH, Calif. & EDMONTON, Alberta--(BUSINESS WIRE)--MIG Real Estate, a Newport Beach, Calif.-based real estate investment company formerly known as Stoneridge Capital Partners, has completed the acquisition of the 177-room Courtyard Marriott Downtown Edmonton in Alberta. This transaction marks the firm’s fourth hotel acquisition within the past 12 months and its first outside of its primary target markets in the Western U.S. Terms of the sale were not disclosed.
“This acquisition expands our direct holdings beyond the U.S. border and lays the foundation for MIG to enter new markets as we grow and diversify our portfolio,” said Greg Merage, Chief Executive Officer of MIG Real Estate. “We are focused on acquiring well-located, quality product within our primary target markets, as well as certain new geographic areas, to capitalize on an increase in sales activity and a growing opportunity for value-add investment.”
The 11-story Courtyard Marriott Downtown Edmonton hotel benefits from its location within the city’s Central Business District near the Shaw Conference Center. The hotel receives a high level of room demand from business travelers affiliated with the petroleum industry, government offices and the nearby University of Alberta.
The hotel is located at One Thornton Court and represents MIG’s first Marriott branded hotel. The firm is in the midst of an aggressive expansion of its hospitality portfolio, recently acquiring the Hotel Highland in Phoenix and the Holiday Inn & Suites and Holiday Inn Express in Denver.
MIG Real Estate has completed more than $250 million in acquisitions over the past two years, acquiring properties in California, Arizona, Nevada, Colorado and Hawaii. It owns and manages more than 1.5 million square feet of retail, office, hotel and multifamily properties.
Concord Hospitality Enterprises Company of Raleigh, NC was retained as the operator for the hotel. Concord is one of the largest operators of Marriott branded properties in the U.S. and Canada.
Adam Greenstone and Louis Stervinou of Eastdil Secured and Alan Pirani of Colliers International represented the seller in this transaction.
About MIG Real Estate
MIG Real Estate owns and operates a diverse portfolio of assets in California, Phoenix, Las Vegas, Hawaii, Denver and Edmonton, Alberta. The firm is currently engaged in an aggressive expansion strategy, seeking value added and opportunistic investment opportunities in select service hotels, grocery anchored shopping centers, office, industrial and multifamily properties. MIG Real Estate has acquired more than 1.5 million square feet comprising more than $250 million of assets since April 2009. MIG Real Estate is the real estate arm of MIG Capital (Merage Investment Group), an alternative investment firm that also encompasses MIG Absolute Return and MIG Private Equity. Additional information is available at http://www.migcap.com/RealEstate/.
About MIG Capital (Merage Investment Group)
MIG Capital (Merage Investment Group) is an alternative investment firm dedicated to the creation and preservation of capital. Founded by the Merage family, wealth creators committed to the highest levels of integrity, MIG Capital applies an entrepreneurial mindset combined with a highly disciplined approach. MIG Capital and its affiliates have more than $1 billion in assets under management in three principal areas: MIG Absolute Return, MIG Private Equity and MIG Real Estate. Substantial investment of family capital in all asset classes ensures full alignment with MIG investors. Additional information is available at www.migcap.com.
About Concord Hospitality
Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh, NC, manages over 75 hotels offering more than 10,000 guest rooms in 21 states and two Canadian provinces. The company operates hotels and resorts under such well-known industry elite brands as Marriott, Hilton, Hyatt, Starwood, IHG and Choice Hotels, as well as select independent boutique hotels. Formed in 1985, Concord recently was listed as one of the nation’s top management companies by independent sources, and recently won Marriott’s elite Partnership Circle award for the eighth time. Concord properties are some of the most awarded hotels in the country, having won nearly 100 top honors since its inception, including Marriott’s Hotel of the Year and Developer of the Year awards. For more information, visit www.concordhotels.com.