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Hamister Group buys Staybridge Suites near U of R
Hamister Group buys Staybridge Suites near U of R
The Hamister Group, LLC, a Buffalo-based hotel and health care management firm, has acquired the Staybridge Suites Rochester University on Genesee Street.
Hamister Real Estate Equity Fund III, LP, purchased the property from Rochester Riverfront Properties, LLC, for $5.96 million, according to filings with the Monroe County Clerk. The hotel has been owned by Minneapolis developer Christenson Corp. since it opened in 2008 as part of the Brooks Landing development.
Hamister Group will manage the 88-room extended-stay hotel, which is located along the Genesee River across from the University of Rochester.
The proximity to the U of R campus and the University of Rochester Medical Center, along with the hotel’s performance during the COVID-19 pandemic compared to similar properties, made it an attractive investment, the company said.
The Hamister portfolio now includes 11 hotels, with four in New York (the others are the Hilton Garden Inn in downtown Buffalo, the DoubleTree by Hilton in Jamestown and Hyatt Place Niagara Falls).
“Staybridge Suites University of Rochester is a wonderful addition to the Hamister Group portfolio of properties,” Daniel Hamister, chairman and CEO for Hamister Group, LLC, said in a news release. “The hotel offers a great opportunity for us to implement our 44-years of experience in a city like Rochester that Hamister Group has had a strong connection to since its inception.”
The firm also manages Heather Heights, LLC, an assisted living facility in Pittsford.
Christenson Corp. founder Ron Christenson died in 2020. The firm recently sold Brooks Crossing Apartments to the University of Rochester.
Hamister Group has more than 44 years in the industry. Hamister Real Estate Equity Fund III, LP is a private real estate fund designed to offer investors both growth and cash-flow oriented, tax-advantaged investment vehicles through a diversified portfolio of middle-market hotels and senior housing residences, the company said.
For more information, visit Hamistergroup.com.
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