Flynn Properties and Värde Partners form JV

Flynn Properties, in a joint venture with Värde Partners, has acquired 20 select-service hotels — 11 Marriott- and nine Hilton-branded locations — in a $211 million deal with Apple Hospitality REIT.

The newly acquired properties, located throughout the Sun Belt, Northeast, Pacific Northwest and Midwest, will undergo capital improvements over time. Flynn Properties will serve as the managing member of the joint venture, charged with day-to-day asset management of the portfolio and execution of the business plan.

“We are excited to announce the addition of these Marriott- and Hilton-branded hotels to our portfolio of properties,” said Greg Flynn, founder, chairman and CEO of Flynn Properties. “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. We are also excited by the caliber of properties included in this deal, as b