BNY Mellon Investment Boutique Acquires Hotel Property Adjacent to California Disneyland.
M2 EQUITYBITES-January 22, 2016-BNY Mellon Investment Boutique Acquires Hotel Property Adjacent to California Disneyland
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22 January 2016 - US-based financial services firm BNY Mellon's (NYSE: BK) CenterSquare Investment Management investment boutique has acquired an Anaheim-area hotel property in a joint venture by the CenterSquare Value-Added Fund III, the firm said.
Terms of the deal were not disclosed.
CenterSquare has partnered with Foster Enterprises and leading hotel management firm Interstate Hotels Group to acquire the property.
The firm 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.
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.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 22, 2016|
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