Home Hotel service McNeill Hotel Company Forms Joint Venture Investment Partnership with Prospect Ridge; Will operate under the McNeill Investment Group (MIG) umbrella

McNeill Hotel Company Forms Joint Venture Investment Partnership with Prospect Ridge; Will operate under the McNeill Investment Group (MIG) umbrella

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The company establishes a new platform for the acquisition of selected service hotels, prime hotel management and related hotel investments.

GERMANTOWN, TN, July 19, 2022–(BUSINESS WIRE)–Germantown, TN-based McNeill Investment Group (MIG), formerly McNeill Hotel Investors, today announced a strategic partnership with Prospect Ridge, a leading national real estate private equity investor, and Fulcrum Hospitality, a hotel investment operating partner, advisor and asset manager. McNeill Investment Group Executive Chairman Phillip H. McNeill, Jr. made the announcement.

McNeill has brought to the new partnership 12 of its new vintage, upscale branded select-service and extended-stay, wholly-owned hotels focused on the dynamic college and medical center submarkets. McNeill retains property management responsibility for all hotels controlled by the new partnership and is expected to continue to develop its portfolio of third-party owned and managed hotels, including a current focus on select services and extended stay Hilton, Marriott and Hyatt brands. nationwide properties.

Property management assignments will continue to be organized under McNeill Hotel Company, with the Prospect Ridge joint venture and McNeill Hotel Company units of the new McNeill Investment Group (MIG). McNeill also announced that it has successfully entered into its real estate investment and management relationship with Almanac Realty Investors, a business unit of Neuberger Berman, a private, independent, employee-owned investment manager.

“This is a landmark day in the history of our company,” said Phillip H. McNeill, Jr. “I would first like to thank Almanac Realty Investors for an outstanding partnership during a period of robust growth. and significant positive performance for us, including through When Mark Ricketts and I started McNeill Hotel Company, one of our initial goals was to build a business that would be attractive to institutional investors Almanac was instrumental for us help achieve this goal.

“We are excited about our new venture with Prospect Ridge,” continued McNeill. “We know this will be a great fit in terms of investment philosophies and objectives, as well as how we view our other industry partners, our team members, our guests and our host communities. We look forward to continuing to drive success and grow our best-in-class hotel management and development platform.”

Justin Hakimian, Managing Director of Almanac Realty Investors, said, “We have enjoyed working with the McNeill team, which has generated exceptional returns for our investors as together we have grown their portfolio from 14 to 21 hotels. . We respect them very much and wish them much success. .”

About McNeill Investment Group

Founded in 2014 and based in Germantown, Tennessee, McNeill Investment Group (MIG) is built on a foundation of trust, the pursuit of excellence, and a “people serving people” philosophy. The Company is focused on select service hotels and extended stay hotels with a growth strategy based on a mix of new hotel development, significant acquisitions and third party management agreements conducted through its McNeill Hotel Company unit.

The company is an authorized franchisee for Marriott, Hilton and Hyatt. Phillip McNeill, Jr. and Mark Ricketts, the company’s founders, are 2nd generation hoteliers with over 60 years of combined institutional experience in the hospitality industry, encompassing nearly every discipline of business. For more information, visit www.mcneillhotels.com.

About Prospect Ridge

Prospect Ridge is a leading investment manager specializing in US real estate private equity investing and lending through multiple vehicles. Our highly experienced team of over 40 investment professionals has systematically developed and refined Prospect Ridge’s unique and disciplined approach to investing and lending across multiple asset classes and national geographies throughout real estate cycles. . Through Prospect Ridge and its predecessor entities, the team has invested in more than 300 assets totaling approximately $12 billion in gross cost.

About Fulcrum Hospitality

Fulcrum Hospitality is a hotel investment operating partner, advisor and asset manager founded by Steven Angel in 2011. Across its portfolio, Fulcrum Hospitality manages over $6 billion in assets, consisting of over 25,000 hotel rooms across different brands. With a deep understanding of asset management and an arsenal of proprietary investment analysis tools, Fulcrum Hospitality is one of the fastest growing asset management and hospitality real estate investment companies and the most innovative in the hospitality industry.

About Almanac Realty Investors and Neuberger Berman

Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to public and private real estate companies. Originally founded in 1981 as Rothschild Realty, Almanac Realty Investors partners with established owner-operators across all sectors of the real estate market to accelerate business growth and has committed over $7.0 billion dollars in capital in 50 real estate companies, public and private. , across North America. For more information, visit www.almanacrealty.com.

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies, including equities, fixed income, quantitative and multi-asset classes, private equity, real estate and hedge funds, on behalf of institutions, advisors and individual investors in the whole world. With offices in 25 countries, Neuberger Berman’s diverse team includes more than 2,500 professionals. For eight consecutive years, the company has been named first or second in the Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 or more employees). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to less than 1% of investment companies for excellence in environmental, social and governance (ESG) practices. The PRI also gave Neuberger Berman an A+ in each qualifying category for our approach to ESG integration across all asset classes. The company manages $447 billion in client assets as of March 31, 2022. For more information, please visit our website at www.nb.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220719005309/en/

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