Global private equity investor Advent International has announced that it has acquired a majority ownership interest in North America’s third-party hotel operator Aimbridge Hospitality from Lee Equity Partners, a US-based private equity firm, and investor General Atlantic.
Aimbridge’s senior management team will continue to lead the company and retains an equity stake in the business.
The transaction is expected to close by February. Financial terms of the transaction were not disclosed.
Based in Dallas, Texas, Aimbridge has a management portfolio that includes approximately 800 upscale, independent and branded hotels with more than 100,000 rooms across the United States, Canada and the Caribbean.
Aimbridge provides property management, asset management, development, renovation and consulting services to hotel brands, including Marriott, Hilton, Hyatt, IHG and Wyndham.
“Over the past 15 years Aimbridge has grown to become one of the most respected independent hotel managers in the industry, while creating a positive guest experience and generating operational excellence for our hotel partners,” said Dave Johnson, Chairman and CEO of Aimbridge Hospitality. “We appreciate Lee Equity’s strategic guidance over the past several years, and with Advent’s financial and strategic support, we look forward to building on our proven track record of delivering superior results for some of the most prestigious hotel owners and developers across the US and beyond.”
Over the past 27 years, Advent has invested US$9bn in 75 business and financial services companies and $11 billion in 75 companies in consumer, retail and leisure.