New York, NY (PRWEB) April 24, 2012
AWH Partners, LLC -- August Group Ventures, LLC (AGV) and Winston Harton Holdings, LLC (WHH) -- has announced a joint venture to purchase Lane Hotels, Inc., the nationally recognized hotel company, as well as individual hotels owned by Lane Hospitality, LLC, for an undisclosed price. AWH Partners’ purchase is part of an ongoing joint venture with an institutional equity source designed to pursue additional hospitality investments.
“With the infusion of capital we are contributing through AWH Partners, the recapitalization of Lane Hotels will bring a renewed focus on portfolio growth while continuing to deliver a high caliber of service to Lane’s existing clients,” said Chad Cooley, president of August Group Ventures.
“We are confident that this high-quality portfolio will further flourish under the hands-on asset management skills we bring to the table,” said Jon Rosenfeld, owner and co-founder of Winston Harton Holdings. “The purchase of Lane Hospitality presents an attractive opportunity for us to continue expanding our presence in the hospitality investment area.”
Lane Hotels, based in Northbrook, Ill., is an affiliate of Lane Industries and the third-party operator of hotels across celebrated brands such as Hilton Hotels & Resorts, (IHG) InterContinental Hotels Group and (MAR) Marriott International. Lane Hotels has successfully owned and managed hotel properties for more than 30 years.
The acquisition of Lane Hotels signals the first of many purchases from AWH Partners’ ongoing joint venture with an institutional equity source for the pursuit of hospitality investments. The seasoned team of AGV and WHH bring extensive experience in hospitality investment, development and management.
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About AWH Partners, LLC
AWH Partners, LLC, a joint venture between August Group Ventures, LLC and Winston Harton Holdings, LLC, offers an experienced institutional investment and management platform with dedicated capital. For more information, visit http://www.awhpartners.com.
About August Group Ventures, LLC
August Group Ventures is a privately held real estate investment, development and management firm founded in 2009 by New York-based Related Companies veteran Chad Cooley to pursue opportunities in the ailing hospitality market. August Group owns and manages hotels around the United States and seeks opportunities to invest in and manage assets requiring capital, repositioning and turn-around expertise. For more information, visit http://www.augustgroupventures.com.
About Winston Harton Holdings, LLC
Winston Harton Holdings, LLC (WHH) was established by Russell Flicker and Jonathon Rosenfeld to acquire distressed, value-added and operationally intensive real estate assets through equity and debt. Its principals have extensive experience and complementary skill set in the real estate sector, including acquisitions (private transactions and public securities), capital markets and asset management and asset repositioning. WHH will partner with both traditional institutional capital as well as private pools of capital to pursue transactions ranging from $10 - $250 mm. For more information, visit http://www.whhllc.com.