Atlanta-based Hotel Equities is looking to expand into Phoenix as part of its $140M investment fund, we learned this morning. (Let's try to prank them because they're the new guy.)
We snapped COO Brad Rahinsky, who tells us that his company has historically owned and operated hotels in the Southeast, but that's changing with the second investment fund it's raising. Now it's in the market for hotel buys. “We like ugly, under-managed hotels. And we like hair on the deal,” Brad says. (Sounds a mother-in-law.) It's already expanding to Missouri, DC, Boston, NY, LA, and San Francisco. A potential deal here would be an acquisition, he says. He wasn't able to divulge whether any portfolio of hotels has been targeted yet, though.
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