Caliber’s subsidiary, Caliber Hospitality Trust (CHT), has entered a definitive agreement with Satori Collective to acquire a portfolio of seven hotel properties.
This transaction, expected to close in early 2025, will see CHT expand its asset base, subject to customary closing conditions.
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The properties involved in the deal span the Midwestern and Southern US, encompassing a variety of hospitality segments such as middle-market full service, select service, and extended stay hotels.
These properties operate under the Marriott, Hilton, and IHG hospitality brands, with the collective portfolio valued at approximately $120m.
Under this deal, Satori Collective is expected to receive a combination of cash and operating partnership units from Caliber in exchange for its seven hotels.
This arrangement offers contributors such as Satori the chance to gain immediate ownership in CHT through a tax-free exchange for operating partnership units.
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By GlobalDataCaliber is also in discussions with other potential contributors to expand CHT further.
The addition of the Satori portfolio will bring the number of properties in the closing process to 15.
Once these transactions are completed, CHT will own 22 hotels and see its assets under management grow from $234m to $530m.
With all 22 properties under its belt, the company’s asset management revenue run rate is projected to increase by about $2.4m, or 42%.
Aperture Hotels will continue operating these hotels.
The acquisition is anticipated to enhance Caliber’s presence across multiple states and into markets with growth drivers.
The specific locations include Madison, Wisconsin; Peoria, Illinois; Houston, Texas; Columbus, Georgia; and Tuscaloosa, Alabama.
Caliber CEO Chris Loeffler said: “By integrating Satori’s assets into CHT, we are not only expanding our national footprint but also reinforcing our commitment to deliver superior value to our investors.
“This partnership exemplifies our strategy of adding value to income-producing assets to accelerate growth and create sustainable, long-term returns.”
