Nine-property hospitality portfolio sells for $225m

Lockwood Development Partners has acquired nine hospitality properties across eight states, amassing 1.55 million square feet with a total value of approximately $225 million.

“With many hospitality properties struggling due to the pandemic, my client, Lockwood Development Partners, plans to repurpose these properties and create multi-dimensional assets that will help stimulate the economy and provide essential resources and opportunities to the veteran and senior communities,” said Eddy Nevarez, associate director of Marcus & Millichap’s National Hospitality Division and the exclusive agent for the buyer.

The repurposed, multifaceted assets will feature a rebranded, eco-friendly and sustainable hotel operation; affordable multifamily housing; and “ghost kitchens,” where local vendors partner with Uber Eats to do business without the upkeep costs of a brick-and-mortar restaurant. In conjunction with the Veteran Affairs’ Mission Act, the properties also