Churchwick Partners and Rockledge purchase nine extended stay hotels

Various Locations, USA Churchwick Partners, David Kaye and Joe Listhaus of Rockledge have purchased nine extended stay hotels across six states.

The total transactions consisted of 1,085 keys and were sold by 3 different sellers. The hotels are in the following states: Alabama (2), Ohio (2), Tennessee (2), Colorado (1), Illinois (1), and New York (1). 

One asset was bought through auction, one fully on market, and the seven others were a part of the larger Sonesta portfolio which were brokered by CBRE. The brands involved were Choice Hotels International, IHG and Sonesta.

Rockledge and Churchwick Partners have formed a significant partnership backed with decades of combined experience in real estate, investment banking and specialty finance. The partnership enables the group to bring industry leading deal-making and operational capabilities facilitating rapid growth. “A lot more” explained Joe Listhaus of Rockledge when asked how many assets he expects the partnership to acquire in the future. 

“The Sonesta transaction presented a generational opportunity for an entrepreneurial team like Churchwick and Rockledge to reimagine what the customer experience can look like in hospitality. Through the worst operating environment since the Great Depression, the extended stay hotel model has provided predictable and durable cash flows. We are excited to deploy our process to maximize the potential of these assets and enhance the customer experience for our guests,” said Jaime Gitler of Churchwick Partners.