MINNEAPOLIS — CSM Lodging today announced a partnership with New York-based Garrison Investment Group for 10 hotels — mainly in Minnesota and Detroit — as CSM’s development strategy to further position the company for future growth. Terms of the agreement were not disclosed.
“We look forward to forging a mutually rewarding relationship with Garrison,” says Bob Micklash, president of CSM Lodging. “Our two companies are aligned well to help each other grow. The sale and ensuing management contract with Garrison gives us a solid platform by which to grow as a management company.”
Miclash says the 10-hotel partnership includes TownePlace Suites and SpringHill Suites, all well maintained and in sought-after locations. With the sale of the properties, CSM Lodging recapitalizes its portfolio, allowing the company the opportunity to reinvest and strategically reposition for future growth.
“This partnership with CSM Lodging was an investment opportunity we couldn’t pass up,” says Chuck Pomerantz, managing director of Garrison Investment Group. “CSM Lodging is a proven management team, with a full suite of services designed to maximize value.”
As a third-party manager, CSM Lodging offers a broad range of services to maximize a property’s potential, including revenue management, e-commerce, sales and marketing, and financial analysis. Following the 10-hotel partnership, the company’s portfolio will include the management of 38 hotels, 28 of them owned by CSM Lodging, a division of CSM Corp. based in Minneapolis.