CrowdStreet: Missoula Marriott Portfolio

Real estate investment platform CrowdStreet announced an offering for a Marriott International hotel real estate portfolio in Missoula, Montana. 

The Missoula Marriott Portfolio is comprised of two recently completed Marriott hotels with a  connected, fully leased retail center in Missoula. The fund is looking to acquire, operate and eventually sell the AC Hotel, Residence Inn and The Mercantile retail center in the heart of the rapidly developing downtown Main on Main neighborhood. The principal sponsors of the offering, New Castle Hotels & Resorts and Evermore Partners, expect the fully leased and stabilized portfolio to produce significant cash flow from Day 1. 

Although Missoula is typically associated with tourism, the city has a diverse economy that benefits from the presence of education, healthcare, technology, manufacturing and professional service industries. The hotel properties will benefit from the growing state tourism with over 3 million visitors in 2022 with an average length of stay of five nights. 

Missoula is a convenient home base for visitors to Montana because it’s the only major city between Glacier National Park and Yellowstone National Park. Main on Main has built-in traffic because of its location near the University of Montana, Providence St. Patrick Hospital. It’s also just a 15-minute drive to the airport. 

The Missoula hospitality industry is in a period of growth, seeing an increase in both occupancy and average daily rate each year from 2020 to 2022. Missoula Marriott Portfolio is uniquely positioned in the market with only 7.4% of the inventory built after 2000. AC Hotel and the Residence Inn are two of the four hotel properties that were built in 2019 or later. Visitors will be drawn to the portfolio’s properties because of their central location and nearby restaurants, bars, entertainment, retail and grocery options. 

Missoula Marriott Portfolio is a partnership between New Castle Hotels & Resorts and Evermore Partners. New Castle has more than 40 years of experience in the hospitality real estate sector. Since it was founded in 1980, the group consistently ranks in the top 100 hotel management and development companies in North America. New Castle has assets under management of nearly $339 million.

Evermore Partners is a Denver-based commercial real estate firm that invests in high-quality properties in premium locations. The group was founded in 2020, and the principles have an extensive track record, investing over $400 million of equity across various economic cycles, geographic regions and asset classes. 

CrowdStreet will host a live webinar for the Missoula Marriott Portfolio at 10 a.m. PST on March 7, when the investment window opens. The minimum investment amount is $25,000.

View details on CrowdStreet’s offerings

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Photo courtesy of CrowdStreet