San Diego-based Trigild Corp., which is best known for its receivership business, has formed an alliance with Santa Barbara-based Blu Hotel Investors — a company that not only acquires hotels, but also builds them from the ground up.
According to John Beazley, Trigild’s managing director of hospitality, the joint venture will enable each entity to better serve clients by sharing specific resources, services and specialties.
“The alliance will ideally enable Trigild to expand its third-party management business, as well as work closely with Blu Hotel to develop, acquire and operate hotel properties with institutional or individual investors,” Beazley said in a statement. “Specific services now offered by Trigild will include management, asset management, branding, pre-development planning and development.”
Michael Barnard, founder and principal of Blu Hotel Investors, sees inherent benefits for both companies.
“Trigild’s strength lies in its reputation, 35-year history and solid infrastructure, while our company has specific transactional, deal structuring and financial expertise,” he said.
While Trigild was founded by William Hoffman more than 35 years ago, Barnard along with principal Rony Husein founded Blu Hotel Investors in 2010 in anticipation of a turnaround in the hotel industry. Although the outcome was far from certain at the time, vacancies have generally declined and RevPAR (revenues per available room) have generally increased during the ensuing two years.
Both Barnard, formerly a president with Pacifica Hotel Cos. and Pacifica Design Group, and Husein have decades in the hotel industry. Their expertise includes capabilities in franchising, feasibility, finance, development, acquisitions, dispositions, renovations, branding, operations, management and asset management.
As was the case with Pacifica Hotel Cos., Blu Hotel Investors was formed to acquire hotels in California coastal markets with high barriers to entry, such as San Diego.
Barnard is no stranger to San Diego. Pacifica has at least major ownership interests in the Empress Hotel in La Jolla, the Blue Western Sea Lodge in Pacific Beach and the Sommerset Suites Hotel in the Hillcrest area.
Trigild currently manages and operates properties nationwide across virtually every hotel class, franchise and brand.
“The foundation of our successful business model is hotel management, and our focus now is to further grow that end of the business — as well as develop ownership positions in desirable properties,” Beazley said.