KHP Capital Partners closed on $361 million of commitments for its fifth discretionary real estate fund, according to GlobeSt.com. The company intends to continue acquiring hotels that “can benefit from enhanced branding and management, renovation and reposition hotels in need of capital and adaptive reuse of historic buildings.”

Using this strategy, the company renovated the Doubletree Hotel in Washington, D.C., and relaunched it as the Darcy Hotel in April 2017. The company also transformed the Hilton Key Largo into Baker’s Cay Resort and had it join Hilton’s Curio Collection.