Pacific Hospitality Group, a hotel management and investment company, has raised $107 million for its PHG Hotel Fund I, according to a filing with the SEC.
PGH’s investment strategy is to add value to its hotel portfolio through renovations, repositioning and expansion. The firm’s acquisition strategy is centered on acquiring and developing independent, boutique hotels and resorts within its Meritage Collection, as well as upper-upscale full-service hotels with internationally recognized brands.
The firm received investments from high-net-worth family offices and private equity investors, whom together account for more than $3 billion of net worth.
PHG currently owns and manages 11 hotels located throughout California, Hawaii, Arizona and Louisiana, representing more than 2,676 rooms and 203,650 square feet of indoor meeting and event space, according to the firm’s website.
Through PHG Hotel Fund I, PHG already has acquired AC Hotel Phoenix Tempe/Downtown in Tempe, Ariz., and AC Hotel Irvine in Irvine, Calif., from Woodbine Development Corporation and USAA, in June 2016