Company has assumed management of 71 hotels previously operated by Houston-based Terrapin Hospitality.
With over 8,100 rooms in 21 states, the diverse portfolio is national in scope with representation in the upper midscale and upscale segments across all major brand companies.
Joining Aimbridge Hospitality's Select Service Division, these hotels will benefit from the impact of the industry leader's deep bench of industry talent, a specialized operational approach that maximizes value, and a path toward continued global growth and industry-leading innovation.
As part of the transaction, Aimbridge Hospitality will build on its existing relationships with Waramaug Hospitality and Terrapin Investments—two large-scale hotel owners in the Terrapin Hospitality portfolio and active investors in the hospitality space. The portfolio Aimbridge Hospitality manages on behalf of Waramaug and Terrapin Investments will increase to 42 hotels from 12 prior to the transaction, and the parties have concurrently entered into a long-term strategic development relationship that is anticipated to generate incremental unit growth as early as the first half of 2023.
"We are pleased to welcome these new properties and owners into the Aimbridge Hospitality family," said Michael J. Deitemeyer, Aimbridge Hospitality President & CEO. "We are already applying our expertise and operating acumen to the Terrapin Hospitality portfolio, and we look forward to a long-term relationship where we can generate meaningful results and chart a path to future success."
"The strategic relationship with Aimbridge Hospitality will allow our properties to benefit from the scale and experience of the number one management company in our industry," said Tony Sherman, Terrapin Hospitality Founder & CEO. "It was critical we found the right partner for my portfolio and my clients. Aimbridge Hospitality has best-in-class talent, management approach and resources to ensure our assets will continue to grow their profitability and our team members will be valued."
Sherman will continue to serve as an operating partner to Aimbridge Hospitality moving forward. The introduction of these properties to Aimbridge Hospitality's robust portfolio and expanding Select Service division is another step forward for Aimbridge Hospitality as it continues to commit and invest in providing an unparalleled management experience for owners.