• Thu. May 23rd, 2024

Aimbridge Acquires Terrapin Hospitality’s Management Portfolio


Mar 20, 2023
Aimbridge Hospitality has acquired Terrapin Hospitality's management portfolio of 71 hotels, including the Residence Inn by Marriott Port St. Lucie in Florida. (Aimbridge Hospitality)


Aimbridge Hospitality has acquired Houston-based mostly Terrapin Hospitality’s administration portfolio of 71 inns throughout the U.S.

The offer adds 8,100 rooms in 21 states in the upper-midscale and upscale segments to Aimbridge’s Decide on Service Division, in accordance to a information launch. The resorts operate underneath all key manufacturer companies.

Plano, Texas-based Aimbridge will construct on its present romantic relationship with Waramaug Hospitality and Terrapin Investments, two hotel entrepreneurs in the Terrapin Hospitality portfolio. Aimbridge will enhance the quantity of inns it manages for Waramaug and Terrapin Investments from 12 to 42. The firms have entered into a long-time period strategic improvement romantic relationship they anticipate will deliver incremental unit expansion as early as the very first 50 percent of this calendar year.

Aimbridge is the world’s biggest 3rd-social gathering hotel administration corporation.

Terrapin acquired K Partners, a San Antonio-primarily based third-bash administration organization, in September 2021, rising its portfolio from 35 to 70 inns throughout 13 states. Previously that 12 months, Waramaug founders Paul Nussbaum and Leslie Ng turned considerable buyers in Terrapin Hospitality, which had acquired a five-resort portfolio from Waramaug in February 2021.

“We are pleased to welcome these new houses and proprietors into the Aimbridge Hospitality household,” said Mike Deitemeyer, president and CEO of Aimbridge, in the news launch. “We are already making use of our expertise and functioning acumen to the Terrapin Hospitality portfolio, and we seem forward to a extended-term marriage exactly where we can generate significant final results and chart a path to upcoming achievements.”

“The strategic romance with Aimbridge will permit Terrapin’s houses to profit from the scale and practical experience of the prime administration corporation in the marketplace,” claimed Tony Sherman, Terrapin Hospitality founder and CEO.

“It was vital we identified the proper lover for my portfolio and my clients,” he added.

Sherman will continue to serve as an running partner to Aimbridge.

In a video job interview at the Americas Lodging Investment decision Summit, Aimbridge’s Deitemeyer shared his feelings on consolidation amid third-celebration hotel management organizations.
In new many years, Aimbridge has been actively operating with lodge operator-operators interested in divesting their administration operators to focus solely on lodge improvement and transactions. The most noteworthy illustration was its acquisition of NewcrestImage’s administration functions.

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