MAJORITY OWNERSHIP OF Dallas, Texas-based third-party hotel management company Aimbridge Hospitality will soon be acquired by Boston, Massachusetts-based private equity investor Advent International. The deal is expected to close by February.
The companies did not disclose the purchase amount in announcing the deal. Lee Equity and General Atlantic are the sellers.
Aimbridge manages about 800 hotels, mostly upscale and independent or branded, with 100,000 rooms across the U.S., Canada and the Caribbean. It started with eight properties. The company manages the new 150-room Canopy by Hilton Dallas Uptown in Dallas, Texas, which is owned by The Javelin Group. That was the fourth Canopy by Hilton to open since the brand was launched in October 2014.
“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 U.S. and beyond,” said Aimbridge Chairman and CEO Dave Johnson.
Johnson succeeded Les Bentley as chairman in March and he will retain the position under the new ownership.
Advent has invested $9 billion in 75 business and financial services companies and $11 billion in 75 consumer, retail and leisure companies since being founded in 1984. It has invested in more than 340 private equity transactions in 41 countries and has around $39 billion in assets under management.