DENVER--(BUSINESS WIRE)--Denver, CO-based Evermore Partners (Evermore), a commercial real estate investment firm, and Ridgefield, CT-based New Castle Hotels & Resorts (New Castle), a leading hotel owner and operator, have acquired the Montana Marriott Portfolio - a 105-key AC Hotel by Marriott, a 175-key Residence Inn by Marriott, and The Mercantile, a collection of approximately 20,000 square feet of high quality, in-line retail located in downtown Missoula, Montana.
“This opportunity represents a pivotal point in Evermore’s history, as we expand into Montana, and underline our commitment to investing in key urban, college, and core mountain communities in the Rocky Mountain Region. With a ‘main and main’ location, the strength of Marriott branding, and a dynamic design, we believe these hotels and The Mercantile retail are truly irreplaceable assets. Evermore is thrilled to be the new owners of such an important piece of Missoula’s history and we look forward to being a part of the community for years to come. And, we are grateful for our relationship with Montana-based Stockman Bank for their partnership on this transaction despite economic headwinds and a tight lending environment,” said Evermore’s Founder and CEO, Seth Wolkov.
Evermore and New Castle, as co-sponsors of the project, bring a collective wealth of expertise and experience. Evermore’s leadership has invested over $400MM of equity capital across various economic cycles, geographic regions, and asset types, acting as a principal investor on behalf of a select group of family offices and high net worth investors. Building upon its exceptional track record and established network of relationships, Evermore combines entrepreneurial creativity with institutional investment discipline to produce attractive risk-adjusted returns for its investors through a combination of long-term cash yield, capital appreciation, and downside protection.
Founded in 1980, New Castle is one of the nation’s leading privately held hotel investment, development and management companies, with a portfolio of 29 properties and over 4,000 rooms, representing leading brands in the premium select service and full-service segments across the US and Canada.
"These hotels perfectly complement our portfolio of premium branded, select-service properties, offering elevated design and service in a premier location of a dynamic and growing market," said New Castle Partner Julian Buffam. "We are thrilled to invest in these incredible assets alongside great partners like Evermore while broadening our management platform's reach to the West. We look forward to building on the property teams' success through our hands-on owner-operator approach and strengthening ties to the local Missoula community."
Missoula, Montana is a quickly growing market, known for the University of Montana, its way of life, cost of living, and access to the outdoors. The University, along with the tourism, healthcare, and technology industries, are pillars of the economy. The hit TV drama ‘Yellowstone’ and its prequels have played no small part in driving tourism and economic activity - in fact a University of Montana Bureau of Business and Economic Research report found there has been an impact of greater than $85 million in economic impact to the State in recent years.
Developed on a full city block that was once a regional center of commerce, the Montana Marriott Portfolio has established itself as a true destination and furthered the renaissance of historic Downtown Missoula.
More information regarding AC Hotels is available at www.ac-hotels.marriott.com.
More information regarding Residence Inn by Marriott is available at www.residence-inn.marriott.com.
More information regarding New Castle Hotels & Resorts is available at https://www.newcastlehotels.com/
More information regarding Evermore Partners is available at www.evermore-partners.com.