AMS Hospitality Group & Black Salmon Announce Joint Venture to Acquire $300 Million in Hospitality Assets Across the U.S.
AMS Hospitality, comprised of The Allen Morris Company and Stormont Hospitality Group, and Miami-based national commercial real estate investment firm Black Salmon today announced a joint venture with plans to acquire $300 million in hospitality assets across the U.S. within the next 18 months.
The December acquisition of The Pelham Hotel in New Orleans, a 65-key boutique hotel in the heart of New Orleans, marks the JV's first acquisition. The Pelham Hotel is designated a historic landmark and ideally set adjacent to the vaunted French Quarter, within the city's Central Business District.
The property will undergo a complete, multi-million dollar renovation of the ground-floor lobby, public areas, and guestrooms in order to modernize its design and enhance the guest experience.
The partnership between AMS Hospitality and Black Salmon leverages the key strengths and expertise of both firms across the disciplines of acquisitions, asset management, and capital raising. The JV will seek hotel properties that have undergone a price reduction from pre-pandemic values.