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MCLEAN, VA-In deals valued at a total of nearly $71 million, the newly established Highland Hospitality Corp. has opened its portfolio by snapping up three hotels in Virginia and Texas. The lodging REIT now owns Portsmouth, VA’s Portsmouth Renaissance Hotel & Conference Center, Virginia Beach Town Center Hilton Garden Inn in Virginia Beach, VA, and the Sugar Land Marriott Hotel & Conference Center in Sugar Land, TX. The sellers in all three instances were partnerships involving Barcelo Crestline Corp. and other investors.

In addition to its 250 guest rooms, the two-year-old Portsmouth Renaissance features 24,000 sf of meeting space and a 70-seat amphitheater. Virginia Beach’s 176-room Hilton Garden Inn is the newest property of the bunch, having opened to visitors its rooms and 6,000 sf of meeting space just last month. And the 300-room Marriott in Sugar Land with its 25,000 sf of meeting space is new to the market as well, having just opened in October.

“These properties exemplify our strategy of investing in upscale full-service and premium limited-service hotels that are well-positioned or difficult to replace in their respective markets,” Highland executive vice president and chief investment officer Patrick Campbell explains. “We will continue to target these segments as we invest the remaining proceeds from our recent public offering.”

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