Hospitality Portfolio Trades for $225M With Eye on Conversion
Lockwood Development Partners has bought a portfolio of nine hospitality properties across eight states, amassing 1,550,000 square feet with a total value of approximately $225 million.
Lockwood plans to reposition the properties, which have struggled during the pandemic. After they are repositioned, the properties will feature a sustainable hotel operation, affordable multifamily housing and ghost kitchens. The properties will also serve as a resource for veterans to receive permanent housing, physical and mental assistance, and other support programs through SarahCare, an organization dedicated to providing resources for seniors.