Adam Flatto’s Georgetown company targets $ 1 billion in hotels
Adam Flatto’s Georgetown Company seeks to create a sensation in the hotel space.
The company is launching a new fund and management partnership that will target $ 1 billion in hotels across the country, Georgetown officials said Tuesday.
Flatto said his company decided to expand its hotel portfolio earlier last year before the pandemic hit and then decided to go even further.
Georgetown took a stake in hotel management company First Hospitality and is now looking to buy up to $ 1 billion in hotels. Despite the pandemic, Flatto said he did not expect to buy properties at discounted prices.
“Obviously, Covid has created a considerable amount of travel in this business. We will carefully consider these opportunities, ”he said. “At the moment, this is not a clearance sale situation.”
Last year, Georgetown hired Michael Fishbin, who headed EY’s global hotel group for a dozen years, to lead the new platform. Flatto said the company already had one contracted deal and was in negotiations on two more.
The company is looking to buy properties ranging from select service to luxury hotels, with a target of 150 to 400 rooms.
New York-based Georgetown already has four hotels in its 1.9 million square foot Easton Town Center mixed-use project in Columbus, Ohio, and another in development in Atlanta. In New York City, the company has plans for a 1.1 million square foot office tower south of Hudson Yards, and recently signed a life sciences tenant at its 787 Eleventh Avenue building in the Old West. Side.