SEATTLE, September 14, 2007 – An investor group led by Meriwether Partners in partnership with Inn Ventures, Inc. has sold the 217-room Marriott Springhill Suites Boise ParkCenter hotel located in Boise, Idaho to an affiliate of Apple REIT for $21.0 million. The partnership acquired the property for $12.5 million from West Coast Hotels in 2005 and completed a comprehensive renovation, converting the property from a Red Lion to a SpringHill Suites.
“With the renovation complete and operations essentially stabilized, we felt the time was right to sell the property. Inn Ventures was an excellent operating partner, and we hope to have the opportunity to do more projects with them in the future,” said Joel Aslanian, principal at Meriwether Partners. InnVentures, Inc. will continue to manage the property for Apple REIT.
Meriwether Partners is a real estate investment firm with offices in Seattle and Portland. We form partnerships to acquire and manage real estate investments on behalf of the Meriwether principals, high-net worth individuals, family offices, and institutions.
Meriwether was founded in 2002 by Joel Aslanian and Robert Briscoe who have worked together since 1998. The company has acquired more than 2 million square feet of commercial real estate at a cost of over $250 million.
The firm’s primary investment focus is in the Seattle and Portland metropolitan areas. Meriwether invests in properties that are well-located with sound physical and economic fundamentals; properties that have the ability to generate attractive levels of distributable cash; and properties to which we can add value by executing recapitalization or repositioning strategies.