Lowe Enterprises Investors, Allstate Investments & The Guardian Life Insurance Company of America Form National Hotel Acquisi...
June 13 2011 - 12:43PM
Business Wire
Lowe Enterprises Investors, Allstate Investments and The
Guardian Life Insurance Company of America announced today the
formation of an investment venture to acquire full-service hotels
in major metropolitan markets throughout the United States.
“The hotel market is in the early stages of what we believe will
be a long recovery cycle,” said Brad Howe, CEO of Lowe Enterprises
Investors. “This is an excellent time to acquire a portfolio of top
quality assets in major markets. This venture demonstrates the
benefit of our strategic relationship with Guardian, which makes it
possible for us to partner with a highly respected investor like
Allstate Investments.”
The venture is targeting well-located, full-service hotels that
are financially distressed due to the recent economic downturn.
Lowe will seek properties that are of a three-star quality or
greater that can be repositioned to take advantage of the market’s
recovery. Lowe will target quality properties where it can improve
performance through capital improvements, new marketing or
management.
“The current environment provides an opportune time to make
selective commercial real estate investments within our $100
billion investment portfolio. This venture with Lowe and Guardian
is an important part of our larger real estate equity program to
build a diversified portfolio that is positioned to benefit from a
recovering market,” said Sam Davis, senior managing director of
real estate investments for Allstate Investments.
“Our partners, Allstate and Lowe, are well regarded, creative
and successful real estate investors,” said Bob O’Rourke, head of
Real Estate Investments at Guardian. ”We are proud of our track
record partnering with entrepreneurial investors. This venture
leverages our investment in Lowe Enterprises Investors to invest in
hospitality properties and capitalize on the improving market.”
It is anticipated that Lowe’s hospitality management affiliate,
Destination Hotels & Resorts, will serve as the operator for a
majority of the properties acquired. Destination Hotels &
Resorts was recently ranked the third largest independent hotel
operator in the U.S. by Hotel Business magazine.
About Allstate
Allstate Investments includes the investment advisors affiliated
with The Allstate Corporation (NYSE: ALL), the nation’s largest
publicly held personal lines insurer. Now celebrating its 80th
anniversary as an insurer, Allstate is reinventing protection and
retirement to help nearly 16 million households insure what they
have today and better prepare for tomorrow. Consumers access
Allstate insurance products (auto, home, life and retirement) and
services through Allstate agencies, independent agencies, and
Allstate exclusive financial representatives in the U.S. and
Canada, as well as via www.allstate.com and 1-800 Allstate®.
About The Guardian Life Insurance Company of America
A mutual insurer founded in 1860, The Guardian Life Insurance
Company of America and its subsidiaries are committed to protecting
individuals, business owners and their employees with life, long
term care insurance, disability income, dental insurance products,
and offer 401(k), annuities and other financial products. Guardian
operates one of the largest dental networks in the United States,
and protects more than six million employees and their families at
120,000 companies. The company has approximately 5,000 employees in
the United States and a network of over 3,000 financial
representatives in more than 80 agencies nationwide. For more
information about Guardian, please visit: www.GuardianLife.com.
About Lowe Enterprises Investors
Lowe Enterprises Investors in owned by a strategic partnership
of Guardian, Lowe Enterprises, Inc. and senior members of the Lowe
Enterprises Investors management team. Lowe Enterprises Investors
provides real estate investment management services on behalf of a
select list of institutional and high net worth clients and
partners through both individually managed and commingled fund
relationships. The firm has been responsible for $6 billion in real
estate assets, including commercial, hospitality and debt
investments, since inception in the late 1980s. Lowe Enterprises
Investors has been a leading value-added investor through multiple
cycles, employing equity and structured debt in its investment
strategies. For more information about Lowe, please visit:
www.LoweInvestors.com
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