Silver Spring, Maryland-based Colesville Partners has closed its debut offering on $300 million (€235 million) in equity commitments and is expected to have $1 billion in buying power, according to reports.
Silver Spring-based Sunburst Hospitality, which owns and operates more than 40 hotels, is Colesville’s primary sponsor, although the fund also drew contributions from high-net worth individuals. Kevin Hanley, the hotel firm’s president, will also serve as managing director of Colesville Partners.
In addition to hotels, Sunburst has also developed condominiums and invested in self storage facilities and golf courses. Colesville will invest in a variety of platforms across sectors, including hotel, multifamily, self-storage, golf, and office. The firm targets transactions worth between $5 million and $70 million in and around major markets along the East Coast.
Hanley said the fund will target an internal rate of return in the high teens, according to reports.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
