SEATTLE, August 1, 2005 – An investor group led by Meriwether Partners LLC in partnership with Inn Ventures, Inc. has acquired the Red Lion ParkCenter Suites hotel in Boise, Idaho. The partnership acquired the property for $12.5 million from West Coast Hotels and is renovating and converting it to a 230 room SpringHill Suites.
“We expect the acquisition and renovation of the property to deliver attractive returns due to the quality of the Inn Ventures management team, the strength of the Boise economy, and the below replacement cost basis of the total investment,” said Joel Aslanian, principal at Meriwether Partners. InnVentures, Inc. will manage the redevelopment and also the hotel operations.
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 with plasma cutter reviews 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.