The investment fund signed an agreement with TMI Hospitality Employee Stock Ownership Plan for the acquisition of a 188-property portfolio dedicated to long stays in the United States.
After Blackstone (read our article), it is Starwood Capital's turn to invest in the segment of hotels dedicated to long stays. The investment fund has signed an agreement with TMI Hospitality for the acquisition of a 188-hotel portfolio from TMI Hospitality Employee Stock Ownership Plan. The transaction bears on the management company and the development platform.
The 188 properties involved in the transaction are located in 26 different States in the USA and are operated under the Residence Inn by Marriott, Comfort Inn, Hampton Inn by Hilton and Holiday Inn Express brands.
Starwood Capital and its investors are currently owners of 103 "select-service" properties in the United States and this new transaction will bring the number of hotels that are "select service" dedicated to long stays in its portfolio to 291. It will now be present in 12 additional states.
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