Five Mile Capital Partners has assumed ownership of 143 Red Roof Inns after acquiring $700 million in debt backed by the portfolio through a joint venture with Westmont Hospitality Group, the owner and operator of more than 500 hotels worldwide. The purchase price of the loans was not disclosed, but a Bloomberg report said the debt was purchased for 50 cents on the dollar.
Five Mile JV acquires Red Roof portfolio
In conjunction with Westmont Hospitality, the Stamford, Connecticut-based investment management firm has acquired $700 million in loans backed by 143 Red Roof Inns, thereby assuming control of the properties.
