Acquisition
Due to the shift in the economic environment, Wischermann Partners development team refocused and targeted a selective acquisition growth strategy. In 2010, we joined forces with a Minneapolis-based equity fund and completed our first acquisition in September. Within the first year, three transactions of upscale hotels with nearly 1,000 rooms and suites were completed.
Our real estate expertise was transferred from design and programming of spaces to evaluating and underwriting existing spaces. The due diligence effort was efficient, coordinating property condition surveys, renovation budgets and brand standards. Our existing relationships with the national leading brands help facilitate a smooth transition and expedite branding discussions in respect to possible conversions.
