Greg Flynn, the nation’s largest operator of franchised restaurants, is expanding his separate lodging portfolio through the purchase of 20 full-service Marriott and Hilton hotels for $211 million.
The acquisition was made by Flynn Properties, a business distinct from Flynn Restaurant Group, in partnership with the investment firm Varde Partners. The seller was Apple Hospitality, a publicly traded real estate investment trust with one of the nation’s largest collection of hotels.
Flynn Properties will operate the properties and serve as managing partner of the joint venture with Varde.
“This acquisition is part of a broader business strategy by Flynn Properties to increase its select service hotel footprint, which proved to be one of the best performing sectors in the industry,” Flynn said in a statement.
Flynn Properties already has a presence in that sector with six Marriott hotels.
The newly acquired hotels are located in the Sunbelt, Northeast, Pacific Northwest and Midwest.
Flynn Restaurant Group, Flynn Properties’ sister business within Flynn Holdings, operates 2,355 restaurants under the flags of Pizza Hut, Wendy’s, Arby’s, Applebee’s, Panera Bread and Taco Bell. Annual sales of the restaurant group total $3.6 billion, according to the company.