"It made sense to combine efforts for a single equity raise." Pressure can come when "you have to deploy those funds," said Adam Marquis, executive vice president of Pacifica Hotels in Irvine, which is not related to Pacific Hospitality Group. Kramer said PHG Hotel Fund I LLC has to raise its money by year-end and invest it by December 2019, but that "there is no liquidation requirement"—meaning it doesn't have to sell the hotels by a set date. "We are long-term holders of assets." AC Power AC is an upscale Marriott brand with about 125 to 225 rooms for urban areas. It's aimed at "lifestyle" travelers, akin to Irvine operator Montage Hotels & Resorts Pendry hotels being developed in San Diego and Baltimore. AC Hotels' website shows 10 are open in the U.S.—including in Atlanta's Buckhead area, Miami Beach, downtown Chicago, and two in Boston—and 75 are in development nationwide. The PHG fund plans to buy AC Hotels on the West Coast and in Southern U.S. cities as they open.