May 25, 2024

Maraname

World Trip Is Really Fun

Greg Flynn expands his resort holdings with an 89-inn deal

Greg Flynn expands his resort holdings with an 89-inn deal

Greg Flynn expands his resort holdings with an 89-inn deal

Greg Flynn /Photograph courtesy of Flynn Holdings

An affiliate of the nation’s largest restaurant franchisee is increasing its lodging operations by an 89-property deal.

Flynn Properties, the actual property enterprise of Applebee’s and Panera franchisee Greg Flynn, stated it has partnered with the funding agency Varde Companions to purchase an 80% stake within the motels.

The deal has an assumed enterprise worth of $1.1 billion, in response to the consumers. Flynn Properties and Varde shaped the same three way partnership in the summertime of 2021 to purchase 20 properties for $211 million.

The sellers, Cerberus Capital Administration and the resort administration firm Highgate, will retain a 20% stake. The inns shall be operated by Highgate.

Like Flynn Properties’ beforehand acquired motels, the newly bought properties sport the flags of main lodging manufacturers. Fifty-eight function as a part of a Marriott chain, 24 are flagged with certainly one of Hilton Lodge’s manufacturers, 4 are Radissons, two sport an IHG nameplate and one is a part of Alternative Motels.

All compete within the limited-service sector, at present certainly one of lodging’s hottest markets. The phase is epitomized by Marriott’s Courtyard idea and Hilton’s Backyard Inn group.

 Additional penetration of that sector is a part of Flynn Properties’ enlargement technique, in response to CEO, chairman and founder Greg Flynn.

The true property firm is “excited by the caliber of properties included on this deal, because the portfolio’s manufacturers are international hospitality icons recognized for internet hosting a few of the world’s most loyal vacationers for enterprise and leisure whereas providing exceedingly strong visitor loyalty applications, which we consider shall be a key supply of visitor income and retention,” Flynn stated in an announcement.

The deal expands the limited-service and extended-stay motels in Flynn Properties’ portfolio to 115 properties. It additionally owns quite a lot of upscale resorts, together with Solage and the Carneros Resort in Napa Valley, Calif., and Lodge Madeline in Telluride, Colo.

Flynn Properties is a part of Flynn Holdings, which can be run by Greg Flynn.

The mum or dad firm’s different enterprise is Flynn Restaurant Group, the nation’s largest operator of franchised eating places. The division generates about $4 billion in gross sales from 2,400 eating places in 44 states.

The restaurant portfolio consists of 444 Applebee’s items, 280 Taco Bells. 937 Pizza Huts, 133 Paneras, 367 Arby’s retailers and 194 Wendy’s shops.

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