InterContinental Hotels Group has sold three of its EVEN branded hotels to a joint venture of Taconic Advisors and 6R Hospitality with Klirmark Capital.
The sale price has not been disclosed, but Cushman & Wakefield announced it served as the exclusive advisor to the JV in the procurement of acquisition financing for the hotels located in Brooklyn, New York; Rockville, Maryland; and Norwalk, Connecticut.
The firm’s Stephen Michels, Dan O’Brien and Loren Valla represented the borrower. MidCap Financial is providing first mortgage debt to facilitate the acquisition.
All three hotels will continue to operate under the Even Hotels brand as part of long-term franchise agreements, and Crescent Hotels & Resorts has been selected to manage the assets on behalf of the new owners.
With 21 open hotels, nearly 3,000 open rooms and 30 hotels in the pipeline, EVEN Hotels is part of IHG Hotels & Resorts’ luxury and lifestyle portfolio – the second largest in the industry globally. Geared for the wellness-minded traveler, recent openings include EVEN Hotel Miami Airport in Florida, EVEN Hotel Seattle – South Lake Union in Washington and EVEN Hotel Alpharetta in Georgia.
InterContinental Hotels Group bought the site at 40 Nevins Street in Brooklyn for $19 million in 2013 as part of its roll-out on the then-new EVEN brand. The hospitality giant retained development group CBCS Brooklyn LLC to build the 204-room hotel. Partners in CBCS include Sam Chang of McSam Hotel Group, Barone Management and investor Jimmy Chou.
New York-based 6R Hospitality is a hotel investment and asset management platform part of 6R Capital Group. Klirmark Capital is an Israeli investment advisor. Based in the Hudson Valley, Taconic Advisors was founded in 1999 by former Goldman Sachs partners, Frank Brosens and Ken Brody.