(EDITOR’S NOTE: According to public records that were recently made available, the property was sold for $51 million, or approximately $110,629 per room.)
NEW YORK — AWH Partners, LLC and funds managed by a subsidiary of Apollo Global Management, Inc. (NYSE:APO) have acquired DoubleTree by Hilton Hotel Anaheim – Orange County. As a result of the deal, Spire Hospitality has taken over management of the property from Hilton Worldwide Holdings Inc. The financial terms of the transaction were not disclosed.
“This acquisition, which took almost 12 months from agreement to closing and included assuming existing debt, required discipline and focus through much of the pandemic,” said Russell Flicker, co-founder and managing partner of AWH Partners. “The property’s adjacency to prominent travel destinations and the Anaheim Convention Center, one of the market’s largest demand engines, positions DoubleTree by Hilton Hotel Anaheim – Orange County for success. We expect this property to outperform its competitors as we complete a fulsome renovation and corporate demand in the city resumes.”
The 461-key property has a fitness center, room services, a business center, an outdoor pool, and a tennis court. There are several dining options on the property, including 1Hundred, a lobby bar with big screen sports entertainment; KoffeeKITCHEN, an urban kitchen serving locally-sourced produce and Starbucks coffee; and Trofi Restaurant & Bar, which serves fine California cuisine.
DoubleTree by Hilton Hotel Anaheim – Orange County has 31,982 square feet of indoor and outdoor event space across two floors and 20 meeting rooms in total.
Adjacent to the UCI Medical Center, the property is in proximity to Angel Stadium of Anaheim, Disneyland / Disneyland California Adventure, and the Anaheim Convention Center.
“Anaheim is a year-round destination for leisure, corporate, medical, convention, and group travel, with a robust economy,” said Dan Kwon, Real Estate Private Equity Partner at Apollo. “This is a centrally located property in a high-growth submarket, with proximate demand drivers and ongoing development.”
About AWH Partners, LLC
AWH Partners, LLC (“AWH”) is a privately held real estate investment firm formed by alumni of The Blackstone Group and The Related Companies. Since 2010, AWH and its principals, Russ Flicker, Jon Rosenfeld and Chad Cooley, have amassed a sizeable portfolio of hotels across the country. AWH owns Spire Hospitality, a top-tier, national hospitality platform and AWH Development, a full-service real estate development company, providing complete vertical integration in the hospitality investment space. For more information, please visit www.awhpartners.com.
About Apollo Global Management
Apollo (NYSE: APO) is a high-growth, global alternative asset manager. We seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies; yield, hybrid and opportunistic. Through our investment activity across our fully integrated platform, we serve the retirement income and financial return needs of our clients, and we offer innovative capital solutions to businesses. Our patient, creative, knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2021, Apollo had approximately $461 billion of assets under management. To learn more, please visit www.apollo.com.
About Spire Hospitality
Spire Hospitality, led by CEO Chris Russell, is a third-party operator of 6,000 room keys and 300,000 square feet of meeting space across 17 states. The Spire portfolio, with a focus on large, full-service hotels, includes unique independent properties and premier branded assets across Hilton Hotels & Resorts (HLT), Marriott International (MAR) and InterContinental Hotels Group (IHG). Spire Hospitality offers expertise in all facets of hospitality management and is committed to preserving, protecting and enhancing the value of hotel real estate. www.spirehotels.com