Charlotte-based Pharos Hospitality said Wednesday that it’s teaming up with New York-based investor CB Alliance to create a joint venture focused on developing and acquiring hotels in growing urban markets.
Pharos, headed by Edward “Buddy” Watson, led development of the Marriott Courtyard in uptown Charlotte, a 181-room, 15-story hotel. The company is also planning to break ground this summer on a hotel at the Langtree mixed-use development in Mooresville.
The new venture will be called Pharos CB Hospitality. Watson said the firm is focused on urban and mixed-use markets.
“It goes to developing hotels in an urban environment, not just finding a piece of dirt somewhere and sticking a hotel on it,” said Watson. “We’re looking at places where there can be a hotel in a multi-use environment.”
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He said in addition to building, they’ll be seeking acquisitions in the same markets.
“We’re not trying to be 100 hotels, but we’re looking at a fairly sizable portfolio,” he said.
In a statement, CB Alliance CEO Doron Cohen said hotel development and acquisition is attractive because of low interest rates, the recovering U.S. economy and aging hotel inventory in many markets.