JMI Realty, in conjunction with Merrill Lynch and Aimbridge Hospitality, acquired the Phoenix Inn Hotel Portfolio in a transaction that closed on March 31, 2006. Phoenix Inns was a collection of all-suite hotels totaling nearly 937 rooms among ten properties that are conveniently located in important business and leisure destinations in Oregon and Washington. Prior to the acquisition, Phoenix Inn Suites were operated relatively independent of one another. After the acquisition, JMI Realty implemented a hotel by hotel refurbishment and renovation program to make each of the hotels more competitive in its market and more consistent in appearance. In addition, the partners consolidated management of the hotels under Aimbridge Hospitality and implemented a website, on-line reservation system, marketing and pricing strategies and other features to convert this series of hotels into a more cohesive franchise. This allowed the hotels to whether the economic recession unscathed. Then in 2012, the portfolio began a hotel-by-hotel conversion to the DoubleTree by Hilton franchise, adding significant value to the portfolio. In August of 2014 JMI sold its interest in the portfolio.