Flynn Properties and Värde Partners completed the acquisition of a 80% stake in 89 select service and extended stay hotels from Highgate and Cerberus Capital Management for $1.1bn.

Flynn Properties, a property management company, and Värde Partners, a global alternative investment firm, completed the acquisition of a 80% stake in 89 select service and extended stay hotels from Highgate, a hotel management, investment, technology and development firm, and Cerberus Capital Management, an American private equity firm, for $1.1bn. “We are excited to announce the addition of these hotels to our portfolio,” “This acquisition is part of a broader business strategy of Flynn Properties to increase its limited service hotel footprint, which has proved to be one of the best performing sectors in the industry. We are also excited by the caliber of properties included in this deal, as the portfolio’s brands are global hospitality icons known for hosting some of the world’s most loyal travelers for business and leisure while offering exceedingly robust guest loyalty programs, which we believe will be a key source of guest revenue and retention,” Greg Flynn, Flynn Properties Founder, Chairman and CEO.