A deal has been agreed in the USA which will see a portfolio of 188 select-service and extended-stay hotels across the country change hands.
Starwood Capital (which founded and once owned Starwood Hotels & Resorts) has as entered into an agreement to acquire all of the outstanding stock of TMI Hospitality from the TMI Hospitality Employee Stock Ownership Plan.
The acquisition includes 188 hotels, the management company and the development platform of TMI Hospitality. Among the brands in its portfolio are Residence Inn by Marriott, Comfort Inn, Hampton Inn by Hilton and Holiday Inn Express.
The transaction is subject to customary closing conditions, including certain franchisor and lender approvals.
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“From its inception, TMI has developed and operated more than 400 hotels, and I am pleased Starwood Capital recognises the value created by our extensive experience and talented team members,” said TMI Hospitality chairman and CEO Lauris Molbert.
“With Starwood Capital, TMI will be able to continue pursuing its growth strategy while fulfilling its mission of impressing guests.”
Starwood Capital and its investors currently own 103 select-service hotels covering two-thirds of the USA. Following the close of the acquisition, the firm will control 291 select-service and extended stay hotels across 39 states in the country.
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