In mid 2007, VERTEX performed 126 ASTM Phase I Environmental Site Assessments (ESAs) in support of an acquisition of hotel complexes located in 34 states. The project was completed in support of the Goldman Sachs acquisition of Equity Inns, Inc. ($1.27B acquisition).
In 2012, VERTEX performed additional environmental due diligence on a subset of 107 sites within the portfolio.
The scope of work during these projects included site visitations to inspect the grounds and buildings as well as adjacent properties to identify potential for on-site and off-site sources of hazardous materials releases; a review of local records relating to historic ownership, usage and site development; and a review of federal and state regulatory records related to on-site activities and potential off-site sources of oil or hazardous material contamination. Additionally, VERTEX reviewed asbestos surveys and abatement reports for many of the sites. The site visitations included a detailed inspection focusing on water intrusion and microbial impacts and the quantification of impacted building materials.
The findings from the above scope of work were prepared within one week of project authorization. Written reports were provided within two weeks of project authorization.