ROCKVILLE, Md., Sept. 24, 2018 /PRNewswire/ — Building on Choice Hotels International, Inc.’s (CHH) adherence to the advance of its flush Cambria Hotels brand, the aggregation entered into a letter of absorbed (LOI) with an associate of Oz Absolute Estate, the absolute acreage belvedere of Oz Administration (OZM), that sets alternating a framework for a co-investment belvedere to advance the development of Cambria Hotels throughout the United States.
(PRNewsfoto/Choice Hotels International, In)
“The Cambria Hotels cast continues to drive success for Choice Hotels and, as apparent by signing this LOI, we are alluring some of the better institutional absolute acreage advance groups in the world. The LOI with Oz Absolute Acreage signals our companies’ charge to the cast through a advised 50-50 joint-venture acceding that could aftereffect in architecture as abounding as 50 Cambria Hotels in able accumulated biking markets,” said David Pepper, arch development officer, Choice Hotels. “We accept this will actuate the Cambria cast to the aing akin and rapidly bear Choice’s approved flush brand.”
To advice abutment this planned collective adventure and added advance opportunities for Cambria Hotels, the Choice Hotels Board of Directors has accustomed an added $250 actor in basic investment.
Oz Absolute Acreage invests in both adept absolute acreage clandestine disinterestedness and absolute acreage acclaim in the U.S and Europe. Founded in 2003, Oz Absolute Acreage has aloft about $3.8 billion of committed absolute acreage basic and completed added than 108 affairs beyond 19 assorted absolute acreage asset classes as of June 30, 2018.
“The auberge industry is growing rapidly and biking in the U.S. continues to breach records. Choice Hotels is a above actor in that growth, and the Cambria Hotels cast has been a accurate aerialist – that’s why we entered into this LOI. We attending advanced to alive with Choice for years to appear and advancing the Cambria brand,” said Steven Orbuch, President of Oz Absolute Estate.
Choice Hotels is in the action of anecdotic sites in key locations, as able-bodied as developers and administration companies to body and accomplish these hotels, in apprehension of entering into a absolute agreement.
Cambria Hotels has about 120 backdrop accessible or in the pipeline, and the cast is assured to set a almanac for openings for the second-straight year. Hotels accept opened in several above markets this year, including Charleston, S.C., Nashville, Tenn., Phoenix, and Philadelphia. Approaching openings are planned in Austin, Texas; Baltimore; Boston; Houston; Miami; Milwaukee; Minneapolis; Orlando, Fla.; Napa, Calif.; San Francisco; and Washington, D.C.
Cambria Hotels is franchised by Choice Hotels. For Cambria auberge development opportunities, appointment choicehotelsdevelopment.com/cambriahotels.
About Cambria HotelsCambria® Hotels are advised for the avant-garde traveler, alms guests a audible acquaintance with simple, guilt-free indulgences acceptance them to amusement themselves while on the road. Backdrop affection acute architecture aggressive by the location, ample and adequate rooms, adjustable affair space, and bounded afresh able aliment and adeptness beer. Cambria Hotels is rapidly accretion in above U.S. cities, with hotels accessible in Chicago, New York City, Pittsburgh, Washington, D.C., and Los Angeles. There are about 40 Cambria backdrop accessible beyond the United States, and over 100 hotels accessible or in the activity in the U.S. and Canada. To apprentice more, appointment www.cambriahotelsandsuites.com.
About Choice HotelsChoice Hotels International, Inc. (CHH) is one of the better and best acknowledged abode franchisors in the world. With added than 6,800 hotels, apery added than 550,000 rooms, in over 40 countries and territories as of June 30, 2018, the Choice® ancestors of auberge brands accommodate business and leisure travelers with a ambit of high-quality abode options from bound account to full-service hotels in the upscale, midscale, extended-stay and abridgement segments. The award-winning Choice Privileges adherence affairs offers associates allowances alignment from accustomed rewards to aberrant experiences. For added information, visit www.choicehotels.com.
About Oz Administration Oz Administration (“Oz”) is one of the better institutional another asset managers in the world, with about $33.0 billion in assets beneath administration as of September 1, 2018. Oz serves the advance needs of a adapted institutional base, accouterment asset administration casework through funds that accompany a ample ambit of all-around advance opportunities from its offices in New York City, London, Hong Kong, Mumbai and Beijing. Oz currently manages multi-strategy funds, acclaim funds, collateralized accommodation obligations, absolute acreage funds and added another advance vehicles.
About Oz Absolute EstateOz Absolute Estate, the absolute acreage belvedere at Oz, was founded by Steven E. Orbuch to accomplish investments in absolute acreage and absolute acreage accompanying assets beyond North America and Europe. Through June 30, 2018, the principals of Oz Absolute Acreage accept invested in over $9.5 billion of clandestine absolute acreage assets, including absolute disinterestedness investments, adopted disinterestedness structures, balustrade financing, and chief loans. Oz Absolute Estate’s portfolio has included over 20,000 auberge rooms, over 30,000 multifamily and residential units, and over 20 actor aboveboard anxiety of retail and appointment properties. In addition, Oz Absolute Acreage has developed adeptness in assertive alcove absolute acreage asset classes including gaming, healthcare, chief housing, cellular towers, and acreage development. Oz Absolute Acreage is currently authoritative (i) adept investments from Och-Ziff Absolute Acreage Fund III LP, which has absolute disinterestedness commitments of $1.5 billion, (ii) acclaim investments from Och-Ziff Absolute Acreage Acclaim Fund, which has absolute disinterestedness commitments of $736 million, and (iii) appropriate situations investments from added basic sources aural Oz. Prior to basic Oz Absolute Estate, Mr. Orbuch was amenable for advance basic on account of Blackstone’s absolute acreage funds, including Blackstone Absolute Acreage Partners I, II, III and IV.
Forward-Looking Account This advice includes “forward-looking statements” aural the acceptation of federal balance laws apropos approaching events, including the acceding of a absolute acceding with Oz Absolute Acreage (or its affiliates), the consecutive development of added Cambria hotels and the achievement of the Cambria brand. Such statements are accountable to abundant risks and uncertainties, including the acceding of a final acceding with Oz Absolute Acreage (or its affiliates), the adeptness to analyze acceptable locations, developers and operators for added Cambria hotels, architecture delays, the affability of the Cambria cast and the added “Risk Factors” declared in our Annual Report on Form 10-K, any of which could account absolute after-effects to be materially altered from our expectations. We accomplish these statements as of the date of this communication, and we accept no obligation to about amend or alter any advanced statement, whether as a aftereffect of new information, approaching contest or otherwise.
AddendumThis is not an offering. No action or auction of a authorization will be fabricated except by a Authorization Disclosure Document aboriginal filed and registered with applicative accompaniment authorities. A archetype of the Authorization Disclosure Document can be acquired through contacting Choice Hotels International at 1 Choice Hotels Circle, Suite 400, Rockville, MD 20850, [email protected]
© 2018 Choice Hotels International, Inc. All Rights Reserved.
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