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Georgetown Company, First Hospitality Target $1B of Hotel Investments
Hotel management and development company First Hospitality and The Georgetown Company, a leading developer and owner of commercial, retail and mixed-use properties nationwide, formed a new platform targeting $1 billion of investment in upscale and luxury hospitality properties nationwide.
“We know that hospitality assets will inevitably see a strong rebound in the years following the pandemic, ultimately creating significant value for investors,” says Adam Flatto, CEO of the New York City-based Georgetown Company. “First Hospitality has a stellar reputation and we are honored to partner with them as we launch this venture.”
The Georgetown Company will also take a significant ownership interest in First Hospitality alongside Stephen L. Schwartz and the Schwartz family. Schwartz will continue as chairman, and his family will maintain long-term strategic control of the 35-year-old, Rosemont, IL-based company. First Hospitality’s existing leadership team, headed by CEO David Duncan, will continue to run day-to-day operations.
- ◦Sale/Acquisition
