Beverly-based Capital Hotel Management (CHM) has acquired Santa Monica Hotel Group of Los Angeles, Calif., to expand its asset management capabilities and presence on the West Coast.

"This acquisition is indicative of the recovering economy," said Ken Wilson, CHM CEO. "The transactions market is heating up, and we are expanding our reach to meet our investors’ demand."

Pamela Greacen, founder and president of Santa Monica Hotel Group, will join CHM as executive vice president, along with Anthony Tarakdjian, a 25-year veteran of hotel finance, according to a statement. Since founding her company in 2000, Greacen has been responsible for the due diligence, asset management, renovation and repositioning of more than $2 billion in luxury hotels throughout the continental U.S. and Hawaii.

"Pam is well-respected in the financial community, and we’ve enjoyed a professional working relationship and friendship over the past decade," Wilson said. "We share a similar approach to asset management and value enhancement and we believe now is the opportune time to bring our two companies together."

"CHM’s resources and breadth of knowledge are hugely beneficial to my existing clients," Greacen said. "Their staff of accountants, risk managers, former general managers, marketing professionals and others, who all share a similar approach to asset management, will be great resources."

Santa Monica Hotel Group’s current asset management portfolio includes the Harbor View Hotel & Resort, Martha’s Vineyard; Four Seasons, Los Angeles, Calif.; La Posada de Santa Fe, Santa Fe, N.M.; and Marriott Key Center, Cleveland, Ohio.