Fulcrum asset manages nearly 70 hotels and more than 13,000 rooms
NEW YORK (PRWEB) March 27, 2018
This morning, Fulcrum Hospitality LLC (“Fulcrum”) announced the acquisition of the 262-room Seattle Marriott Redmond Hotel in Redmond, Washington, partnering with a fund managed by AllianceBernstein, L.P. Marriott International, Inc. will continue to operate the property. Fulcrum will also serve as asset manager of the hotel on behalf of the collective ownership group.
“We are thrilled to be investing in a hotel strategically located in the heart of such a robust technology corridor and adjacent to the vibrant Redmond Town Center shopping district,” noted Steven Angel, Fulcrum’s Principal and Founder. “The hotel’s recently completed guestroom renovation, exceptional meeting facilities and strong management team make this property a compelling investment for our firm.”
This transaction marks Fulcrum’s 11th equity investment across 32 hotels. In total, Fulcrum asset manages nearly 70 hotels and more than 13,000 rooms.
Separately, Fulcrum announced the appointment of industry leader Ellen Brown to the role of Executive Vice President. Ellen's extensive career spans investments, asset management and advisory services. Most recently, Ellen was EVP of Acquisitions and Development at the Denihan Hospitality Group. Recognized as an authority on hotel real estate, she is a frequent speaker at the industry's most influential investment forums such as the NYU International Hospitality Investment Conference. Ellen is active in top real estate and industry organizations such as WX New York Women in Real Estate. She is a graduate of the Cornell School of Hotel Administration, where she sits on the President’s Council of Cornell Women and Cornell Real Estate Council.
Fulcrum’s Chief Operating Officer, Cheryl Boyer, commented, “Ellen is a tremendous addition to our executive team at Fulcrum, contributing a wealth of investment and operating expertise to the platform, further exemplifying our commitment to clients and partners.”
Fulcrum Hospitality is a boutique operating partner, asset manager, and transaction advisor in the lodging and gaming space. Founded by former Goldman Sachs Managing Director Steven Angel, the firm has principal investments in hospitality assets, maintains acquisitions relationships with major investment banks and institutional private equity firms, and asset manages or advises on over 13,000 hotel rooms worldwide.