Westport-based Northview Hotel Group announced the closing of NV Acquisitions III, an investment fund that will be used to acquire underperforming hotels and resorts in the U.S. and international markets through direct investments and co-investments alongside private equity partners.
The new fund is the third for the company, which has acquired more than $1 billion in lodging and resort real estate assets since its formation in 2006. Northview Hotel Group declined to state the financial aspects of the fund.
“We recently created a successful partnership with the long-term owner of an iconic, historic resort,” said Northview Partner Simon Hallgarten. “The partnership allowed the owner to partially monetize the asset, and we were able to provide much needed capital to upgrade the property and implement our proprietary management tools and systems. This structure has created a win-win for both parties, and is one we are looking to replicate in future transactions.”
Northview partner Mark Mance said, “We are especially proud that all of the investors in our first two funds reinvested in this vehicle, and most increased their commitments, which is a testament to the abilities of our company and our successful track record.”