MINNEAPOLIS (May 14, 2015) – CSM Corporation announced today that it completed the sale of six hotels to Blackstone, a leading global asset manager. Blackstone retained CSM as the third-party manager for these hotels. Hunter Hotel Advisors represented CSM in the transaction.
“This sale and third party management relationship furthers our development strategy and positions CSM for future growth,” said Bob Micklash, President of CSM’s lodging division. “We will remain involved in the day-to-day operations of these properties, ensuring quality management services and exceptional customer service.” As the third-party manager, CSM will offer a broad range of services to maximize each property’s potential, including revenue management, e-commerce, sales and marketing, construction oversight and financial analysis.
The six hotels comprising the sale are as follows: (1) the Courtyard by Marriott - Minneapolis/St. Paul-Roseville, (2) the Residence Inn by Marriott - Minneapolis/St. Paul Roseville, (3) the Courtyard by Marriott - Portland Southeast, (4) the Hilton Garden Inn - Portland/Beaverton, (5) the Residence Inn by Marriott - Phoenix-Mesa, and (6) the Residence Inn by Marriott - Portland North/Vancouver.
CSM develops, owns and manages hotels across the country. The company recently completed construction and opened its 40th hotel, the Hyatt Place Lansing/Eastwood Towne Center, located in Lansing, Michigan. CSM currently has four hotels under construction, including a Hilton Garden Inn in Marlborough, Massachusetts, a Hilton Garden Inn in Phoenix, Arizona, and an Aloft and Element, both located in Redmond, Washington.