RealtyMogul, an online marketplace for real estate investing,announced it has successfully helped finance acquisitions of two hotel properties – one in Joplin, Missouri and the other in Memphis, Tennessee. Conor Acquisitions, a Florida-based owner and operator of hospitality properties, is the sponsor of both transactions.
Jilliene Helman, CEO of RealtyMogul, stated:
“These transactions mark the first two joint ventures between Conor and RealtyMogul.com, as well as RealtyMogul’s first hotel investments in Missouri and Tennessee. Conor Acquisitions will handle all aspects of both investments including managing the day to day operations, overseeing renovations, and selling the properties, while RealtyMogul.com investors will participate as equity stakeholders and be due their portion of the cash flow and potential asset appreciation.”
Dipesh Patel, CEO of Conor Acquisitions, explained:
“We are pleased to have completed two successful transactions with our partner RealtyMogul.Our expertise within the hospitality industry will be a significant factor in the successful renovation and repositioning of these hotels.”
The first of the two assets, located on Interstate 44 in Joplin, MO, was formerly a Holiday Inn but will be re-branded as a DoubleTree by Hilton hotel upon completion of a substantial renovation. The second property, a Courtyard by Marriott, is a 96 room limited service hotel in the Route 385 Business Corridor of Memphis, TN. The sponsor intends to hold both properties for five years to execute the business plan before exiting the investments.
RealtyMogul raised in excess of $5 million for the two joint ventures. Each investment paired well with the value-add return profile sought by the platform’s investors.
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