AWH Partners acquires 158-key Goleta hotel
The Kimpton Goodland, a Goleta hotel, has been sold to AWH Partners.
AWH Partners announced Thursday that the real estate investment firm recently acquired The Kimpton Goodland, a hotel in Goleta.
The 158 key-hotel will be fully rebranded and managed by the AWH affiliate Spire Hospitality, according to a news release.
The hotel is AWH’s fifth acquisition in 2021. These five transactions have a combined total purchase price of more than $240 million. The other acquisitions include Villa Florence Hotel in San Francisco, DoubleTree by Hilton Hotel Anaheim, Hilton Garden Inn, Fremont Milpitas and Hilton Garden Inn, Portland/Lake Oswego.
According to AWH Partners, all of these West Coast acquisitions were located in robust long-term growth markets, with significant leisure demand in the region.
Spire Hospitality is currently in the process of transitioning management of The Kimpton Goodland and has begun the rebranding process of the hotel.
Terms of the transaction have not been disclosed.
“AWH is thrilled to diversify our expanding portfolio of attractive hotel properties and deepen our exposure to high-growth West Coast markets with the addition of the Goodland Goleta hotel, another asset acquired at an extremely attractive basis we would never have been able to achieve pre-pandemic,” Russell Flicker, co-founder and managing partner of AWH Partners, said in the news release.
“With minimal new supply, a general lack of available sites and costly land prices, the Santa Barbara market has high barriers to entry, and we are pleased to have found this attractive opportunity, which was never offered to the public on the same terms. We look forward to renovating the lifestyle hotel and welcoming guests to this highly accessible leisure destination,” Mr. Flicker said.
Chad Cooley, co-founder and managing partner of AWH Partners, said “Since the onset of the COVID-19 pandemic, we made an intense effort to stabilize our portfolio so that we could focus our attention on what we do best – investing in complicated, distressed and unique hospitality assets. We made a substantial financial commitment to keep our leadership team together and incentivized, and we poured resources into technology and data to super-charge our acquisition efforts in 2021. Looking back, our investment activity speaks for itself, and we are thrilled with how we are positioned heading into 2022.”
Jon Rosenfeld, co-founder and managing partner of AWH Partner, said the firm was formed during “a global financial crisis, with much of our initial portfolio acquired out of severe distress. As we continue to navigate the economic challenges brought on by the pandemic, we are in a unique position to leverage our deep experience across market cycles to continue identifying, executing and creating value for attractive investment opportunities in the U.S. lodging space as the industry rebounds and demand across channels accelerates.
“While many anticipated a quick deluge of opportunities to materialize early in the pandemic, we now know there will be interesting pockets of opportunities for at least the next 24 months in our space,” Mr. Rosenfield said.
email: kzehnder@newspress.com
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January 21, 2022 at 08:58PM
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The Kimpton Goodland sold - Santa Barbara News-Press
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