Advent International to Acquire Majority Stake in Third-Party Hotel Operator Aimbridge Hospitality
Advent International, a global private equity investor, announced that it has signed a definitive agreement to acquire a majority ownership interest in North American third-party hotel operator Aimbridge Hospitality from Lee Equity Partners, a U.S.-based private equity firm, and General Atlantic. Aimbridge's experienced senior management team will continue to lead the company and will retain a meaningful 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 Marriott, Hilton, Hyatt, IHG and Wyndham.
Since 2013, Aimbridge has made significant progress on its growth strategy, expanding its properties under management from 8 to more than 800 and penetrating full-service and select-service properties at attractive growth rates. With its market-leading position and the support of Advent in partnership with Lee Equity and the Aimbridge management team, Aimbridge will be well positioned for continued growth and international expansion.