GERMANTOWN, Tenn.--(BUSINESS WIRE)--Germantown, TN- based McNeill Investment Group (MIG), formerly McNeill Hotel Investors, today announced a strategic partnership with Prospect Ridge, a prominent national private equity real estate investor, and Fulcrum Hospitality, a hospitality investment operating partner, advisor, and asset manager. McNeill Investment Group Executive Chairman Phillip H. McNeill, Jr. made the announcement.
McNeill contributed 12 of its wholly owned newer vintage, premium branded select-service and extended stay hotels focused in dynamic University and Medical Center submarkets to the new partnership. McNeill retains property management responsibility of all hotels controlled by the new partnership and is expected to continue to grow its portfolio of owned and third-party managed hotels, including in its current emphasis on Hilton, Marriott and Hyatt-branded select-service and extended stay properties nationwide.
Property management assignments will continue to be organized under McNeill Hotel Company, with the Prospect Ridge joint venture and McNeill Hotel Company units of newly formed McNeill Investment Group (MIG). McNeill also announced that it has successfully concluded its investment and property management relationship with Almanac Realty Investors, a business unit of Neuberger Berman, a private, independent, employee-owned investment manager.
“This is a landmark day in the history of our company,” said Phillip H. McNeill, Jr. “I first want to thank Almanac Realty Investors for an outstanding partnership during a period of robust growth and meaningful positive performance for us, including through the pandemic. When Mark Ricketts and I began McNeill Hotel Company, one of our original goals was to create a company that would be attractive to institutional investors. Almanac was instrumental in helping us to achieve that goal.”
“We are excited about our new venture with Prospect Ridge,” McNeill continued. “We know it will be a great fit with respect to investment philosophies and objectives, as well as how we regard our other industry partners, our team members, our guests and our host communities. We look forward to continuing to drive success and grow our best-in-class hotel management and development platform.”
Justin Hakimian, Managing Director of Almanac Realty Investors, said: “We enjoyed working with the McNeill team, who generated exceptional returns for our investors as together we grew their portfolio from 14 to 21 owned hotels. We respect them highly and wish them continued success.”
About McNeill Investment Group
Founded in 2014 and headquartered in Germantown, Tennessee, McNeill Investment Group (MIG) is built on a foundation of trust, pursuit of excellence and a philosophy of “people serving people.” The firm focuses on select-service and extended stay hotels with a growth strategy based on a mix of new hotel development, meaningful acquisitions and third-party management agreements conducted through its McNeill Hotel Company unit.
The company is an approved franchisee for Marriott, Hilton and Hyatt. Phillip McNeill, Jr. and Mark Ricketts, the company's founding principals, are 2nd generation hoteliers with over 60 years of combined institutional experience in the hotel industry, encompassing nearly every discipline of the business. For more information, visit www.mcneillhotels.com.
About Prospect Ridge
Prospect Ridge is a leading investment manager specializing in real estate private equity investing and lending in the U.S. through multiple vehicles. Our highly experienced team of over 40 investment professionals has systematically developed and refined Prospect Ridge's unique and disciplined approach to making investments and loans across multiple asset classes and domestic geographies throughout real estate cycles. Through Prospect Ridge and its predecessor entities, the team has invested in over 300 assets totaling approximately $12 billion of gross cost.
About Fulcrum Hospitality
Fulcrum Hospitality is a hospitality investment operating partner, advisor, and asset manager founded by Steven Angel in 2011. Across its portfolio, Fulcrum Hospitality manages over $6 billion in assets, consisting of over 25,000 hotel rooms spanning across different brands. With a deep understanding of asset management and an arsenal of proprietary investment analysis tools, Fulcrum Hospitality is one of the fastest growing and most innovative asset management and hotel real estate investment companies in the hospitality industry.
About Almanac Realty Investors & Neuberger Berman
Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to public and private real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $7.0 billion in capital to 50 real estate companies, both public and private, throughout North America. For more information, visit www.almanacrealty.com.
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman’s diverse team has over 2,500 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $447 billion in client assets as of March 31, 2022. For more information, please visit our website at www.nb.com.