DENVER—Sage Hospitality recently began management contracts with eight hotels owned by Blackstone and plans to transition one more next month. The nine-hotel portfolio includes full service, select service, and extended stay hotels in North Carolina, New Jersey, and New York.
“We began this relationship with Blackstone about a year ago and we’ve added 13 management contracts since,” said Michael Everett, chief investment officer of Sage Hospitality. “When our owners want to expand their relationship with us, it is a testament to Sage’s commitment to be the very best in our industry.”
The portfolio includes a variety of assets in the Marriott, Hilton, Starwood, and IHG families. Sage will also be working for the first time with Hyatt and Element brands. Blackstone is the largest real estate private equity firm in the world today with $69 billion of assets under management.
“The brand dynamic is something our team really excels at,” said Robert Butler, senior vice president of operations for Sage’s select service division. “It’s exciting to learn the different nuances of hotel brands, it only expands our knowledge in the industry and allows us to be more successful across our entire portfolio.”