Magna markets fifth hotel fund
Magna Hospitality Group has a fifth fund in the market and has raised $153.5 million, according to a filing with the SEC. Magna Hotel Fund V aims to raise $178.5 million in equity.
The fund series invests in hotel properties in central business districts and in-fill suburban markets. The majority of its properties operate under brands such as Hilton, Hilton Garden Inn, Hampton Inn & Suites, Homewood Suites, Marriott and Sheraton.
Magna Hotel Fund IV closed in 2012 with $135 million in equity. Assets in its portfolio include the Hampton Inn JFK Airport in Jamaica, N.Y., which was purchased for $41.3 million, and the Hilton Garden Inn in Washington, D.C., which was acquired for $42.3 million.
And Magna Hotel Fund III closed in June 2008 with $75 million in equity. Magna Hotel Fund II closed in 2005 with $9.1 million, and the firm’s debut