Denver-based Evermore Partners and Ridgefield, Connecticut-based New Castle Hotels & Resorts have teamed up to purchase a hospitality portfolio in Montana. 

The partnership recently acquired the Montana Marriott portfolio, comprising a 105-room AC Hotel and a 175-room Residence Inn in downtown Missoula, Montana. The acquisition also included The Mercantile, an approximately 20,000-square-foot retail property, also in Missoula. 

“With a ‘main and main’ location, the strength of Marriott branding and a dynamic design, we believe these hotels and The Mercantile retail are truly irreplaceable assets,” Evermore Founder and CEO Seth Wolkov said in a company press release, adding that the firm is committed to investing in urban, college and core mountain communities in the Rocky Mountain region.

The acquisition represents an expansion into Montana for Evermore, a firm that has invested more than $400 million of equity capital across various economic cycles, geographic regions and asset types, acting as a principal investor on behalf of a select group of family offices and high-net-worth investors, according to the press release. Evermore’s hospitality holdings span limited-, select- and full-service hotels, including Marriott and Hilton flags. 

Founded in 1980, New Castle also owns or manages various Marriott and Hilton properties, along with Choice Hotels, IHG, Hyatt and Best Western assets. Its entire portfolio spans 29 properties with more than 4,000 rooms across the United States and Canada. 

According to New Castle Partner Julian Buffam, the firm will implement a hands-on owner-operator approach at the Montana Marriott portfolio.