PLYMOUTH MEETING, Pa.,
Jan. 20, 2016 /PRNewswire/ --
CenterSquare Investment Management, an investment boutique of BNY
Mellon, announced today the acquisition of an Anaheim-area hotel
property in a joint venture by the CenterSquare Value-Added Fund
III. CenterSquare has partnered with Foster Enterprises and leading
hotel management firm Interstate Hotels Group to acquire the
property.
"This investment presented a unique opportunity to acquire a
relatively new hotel property possessing many fundamental
attributes that appeal to the demand drivers specific to this
market, yet was underperforming as a result of being operated as an
independent hotel lacking institutional ownership," said
Jeff Reder, Senior Vice President,
Private Real Estate for CenterSquare. "The investment was
sourced off market and acquired at a compelling basis. We will seek
to execute our business plan and stabilize operations, with the
goal of generating an attractive return and enhancing long-term
value as Disneyland continues to make significant investment in
their park, most notably with the planned addition of Star Wars
Land."
CenterSquare and its partners will implement an extensive
property improvement plan for the hotel, which includes a complete
overhaul of all guest rooms and common areas, and the addition of a
new pool area. Upon completion of the renovations, the hotel
will re-open as a Candlewood Suites, one of the Intercontinental
Hotel Group brands. By seeking to provide a high quality product,
institutional ownership and management, affiliation with a major
hotel brand and proximity to Disneyland, the asset should be
positioned to perform favorably in this high demand hotel
market.
"This acquisition is an excellent illustration of CenterSquare's
investment strategy to drive return by focusing on middle-market
transitional assets that offer the potential to achieve greater
yields through the execution of traditional value-add strategies,"
said Todd Briddell, CenterSquare's
CEO and Chief Investment Officer. "We believe that the Anaheim
property, just blocks away from Disneyland, is very well located
real estate with a value-add component in one of the strongest
hotel markets in the country. It is the latest addition to
CenterSquare's portfolio that leverages deep industry knowledge and
relationships to seek to generate attractive potential
returns."
ABOUT CENTERSQUARE INVESTMENT MANAGEMENT:
CenterSquare is a global investment manager focused on actively
managed real estate and infrastructure strategies. Founded in 1987,
it operates as one of the investment boutiques of BNY Mellon
Investment Management. CenterSquare manages approximately
$6.8 billion of real estate and
infrastructure securities through CenterSquare Investment
Management, Inc. and approximately $1.3
billion (gross) of debt and private equity real estate
investments through CenterSquare Investment Management Holdings,
Inc. (together referred to as "CenterSquare"), as of September 30, 2015. It manages investments
for institutional investors and high net worth individuals
throughout global markets and across public and private capital
sectors.
The interests (the "Interests") in the fund referenced
herein (the "Fund") have not been approved or disapproved by the
U.S. Securities and Exchange Commission (the "SEC") or by the
securities regulatory authority of any state or of any other
jurisdiction. The Interests have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), the
securities laws of any other state or the securities laws of any
other jurisdiction, nor is such registration contemplated. The Fund
will not be registered as an investment company under the
Investment Company Act of 1940, as amended (the "1940 Act").
Consequently, limited partners of the Fund are not afforded the
protections of the 1940 Act.
The Interests are offered only to qualified investors who do not
require immediate liquidity of the investment. An investment in the
Fund does not constitute a complete investment program.
Securities are offered in the U.S. through MBSC Securities
Corporation, a registered broker dealer.
Certain information contained herein may be "forward-looking" in
nature. Due to various risks and uncertainties, actual events or
results, or the actual performance of the funds, may differ
materially from those reflected or contemplated in such
forward-looking information. As such, undue reliance should not be
placed on such information.
ABOUT BNY MELLON INVESTMENT MANAGEMENT
BNY Mellon Investment Management is one of the world's leading
investment management organizations and one of the top U.S. wealth
managers, with $1.6 trillion in
assets under management. It encompasses BNY Mellon's affiliated
investment management firms, wealth management services and global
distribution companies. MBSC Securities Corporation, and
CenterSquare Investment Management, Inc. are wholly-owned
subsidiaries of The Bank of New York Mellon Corporation.More
information can be found at www.bnymellon.com.
ABOUT BNY MELLON
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of Sept. 30, 2015, BNY Mellon had $28.5 trillion in assets under custody and/or
administration, and $1.6 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com.
Follow us on Twitter @BNYMellon or visit our newsroom at
www.bnymellon.com/newsroom for the latest company news.
All information source BNY Mellon as of September 30, 2015. This press release is
qualified for issuance in the US only and is for information
purposes only. It does not constitute an offer or solicitation of
securities or investment services or an endorsement thereof in any
jurisdiction or in any circumstance in which such offer or
solicitation is unlawful or not authorized. This press release is
issued by BNY Mellon Investment Management to members of the
financial press and media and the information contained herein
should not be construed as investment advice. Past
performance is not a guide to future performance. A BNY
Mellon Company.
Media Contact:
Marcia Glass, CFA
CenterSquare Investment Management
(610) 818-4627
mglass@centersquare.com
Media Contact:
Scott
Pepper
BNY Mellon Investment Management
(212) 635 1743
scott.pepper@bnymellon.com
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SOURCE BNY Mellon