AAM 15 Management, an independent private equity real estate investment and hotel management company in Burlington, Massachusetts, has acquired the Residence Inn by Marriott Yonkers and the Courtyard by Marriott Yonkers, both on Executive Boulevard, for a combined total of $56 million.
The 144-room Residence Inn, which opened in October 2009 at a cost of $31.3 million, was bought for $17.4 million from Norwich Partners. The hotel underwent renovations in 2017, but AAM 15 Management stated it planned to undertake “an extensive property improvement plan” on the property. The 154-room Courtyard, which opened in May 2018, was bought for $24.7 million from Norwich Partners.
“The addition of two New York properties is in line with our strategic growth plan,” said David R. Masse, founder and CEO of AAM 15 Management. He said his company forecasts “great opportunity with this acquisition and expects to show a healthy return to our investors.”