Chicago, Illinois (PRWEB) October 31, 2013
Singerman Real Estate, LLC (“SRE”), a Chicago-based real estate investment firm, and the Navnish Group (“Navnish”), a fully integrated owner, operator, and third-party manager of full-service and focused-serviced hotels, announced the joint-venture recapitalization of the Yarrow Hotel and Conference Center in Park City, UT. Park City is a world-renowned destination known for its premier ski resorts (Deer Valley, the Canyons, and Park City Mountain), historic downtown, venues for the 2002 Olympic Winter Games, and as host city for the annual Sundance Film Festival. The hotel will continue to be managed by Navnish’s management affiliate, NVN Hotels.
Centrally located in the heart of Park City, the Yarrow is an independent, full-service hotel with 181 guestrooms and suites. The Yarrow is well-known both locally for its charm and history, and nationally as it boasts one of the most comprehensive meeting facilities in the area. The Yarrow also serves a prominent role in the Sundance Film Festival as the only hotel that serves as a film screening venue and past headquarters hotel.
“Park City is a wonderful market that has very attractive long-term growth dynamics. We are very excited to be part of the community and work with Navnish,” said Seth Singerman, Managing Principal of SRE. “It is our collective vision to enhance the guest experience at the Yarrow for years to come through great service and our commitment to implement a significant renovation encompassing the guestrooms, meeting space and common areas.”
“We are pleased to continue our relationship with the Yarrow and the Park City community. The Yarrow is our fourth investment in the market and we look forward to a bright future for the hotel,” said Vamsi Bonthala, Managing Principal of Navnish. “We are delighted to work with SRE to implement a repositioning of the Yarrow that we believe will both increase guest satisfaction and benefit the community,” added Sheenal Patel, the other Managing Principal of Navnish.
About Singerman Real Estate:
Singerman Real Estate, LLC is an opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. The principals of SRE have led and sourced direct investments in real estate totaling over $2 billion. Since its formation in 2010, SRE sourced and executed, with partners, over $700 million of investments across all major property types.
The Navnish Group is a fully integrated owner, operator, and third-party manager of full-service and focused-serviced hotels throughout the country. The company was founded on the principle of uniting the best practices of enterprising hotel operators and sophisticated institutional investors to effectively underwrite and execute value-add opportunities in the lodging space. Since its inception, Navnish has invested in 25 properties and through its management affiliate, NVN Hotels, has managed over 20 hotels.