Denver, CO-based commercial real estate investment firm Evermore Partners and Ridgefield, CT-based owner/operator New Castle Hotels & Resorts have acquired the Montana Marriott Portfolio, consisting of the 105-key AC Hotel Missoula Downtown, the 175-key Residence Inn by Marriott Missoula Downtown and The Mercantile, a collection of approximately 20,000 sq. ft. of in-line retail located in downtown Missoula, MT.
“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,” said Seth Wolkov, founder/CEO, Evermore. “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.”
New Castle Partner Julian Buffam said, “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. 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.”