STONEBRIDGE COS. LLC, a Denver-based hotel management firm with a diverse portfolio of full-service, select-service, and extended-stay properties, recently acquired Real Hospitality Group LLC, an Ocean City, Maryland-based hotel management company. Stonebridge is chaired and led by CEO Navin Dimond, while RHG was founded and led by Ben Seidel, president and CEO.
Seidel will join Stonebridge as a principal and member of the board of directors, the companies said in a joint statement. However, the terms of the deal were not disclosed.
“We’re thrilled to join forces with RHG as we embark on this next chapter of our evolution,” said Dimond. “The blending of these two companies will create a dynamic, leading hotel management group that will drive innovation and create exciting growth opportunities for our team members.”
The transaction expands Stonebridge's national portfolio to more than 160 properties with 24,000 rooms across 20 states, the statement said. The combined company will be headquartered in Denver while maintaining an East Coast presence.
“From the day Real Hospitality Group was born 13 years ago, the growth of the company has primarily been the result of the support and the trust of the entire RHG team, from our owners, to our employees, to the hotel brands we have partnered with,” said Seidel. “This alignment with Stonebridge offers our owners the buying power, support and resources that have become essential in today’s business and lodging environment while providing the geographical diversity that facilitates our ‘Boots on the Ground’ operating principle.”
Dimond said the transaction is an opportunity for Stonebridge to achieve greater success and realize a shared vision for the future.
“We’re looking forward to a seamless integration that will preserve the best aspects of both organizations and foster a culture of collaboration and innovation for our team members,” he said.
In November, Stonebridge acquired five properties, adding a 1,200-key portfolio across the U.S. The company had then stated that it was pursuing further expansion opportunities.
Rep. Aaron Bean delivers keynote addressPhoto credit: AAHOA
