Aimbridge Hospitality, the world’s largest third-party hotel operator, closed 2023 with an impressive mix of deals, entry into new markets and property reopenings in its portfolio. Moving into the new year, this robust performance will accelerate the group’s growth.
Throughout 2023, Aimbridge increased its global portfolio by changing its management, ownership changes, receiverships and new build projects in the U.S. and two other divisions servicing the EMEA and LATAM markets.
The company’s deep market asset-type and brand expertise, organizational scale and talent have helped both existing as well as new partners outperform, said Aimbridge’s Global President Mark Tamis.
“Our desire to build the best culture for our associates, strengthen our relationships with our brand partners, and deliver superior performance for our owners remains a constant guiding force. Thanks to our deep market asset type and brand expertise, organizational scale, and exceptionally trained talent, we’re well positioned to help both existing and new partners outperform,” said Tamis.
In 2023, Aimbridge implemented a new growth strategy globally, which was focused on aligning with the new owners, investors and brand partners. Geographical and segment-based deployment, along with more resources in development executives, data intelligence and feasibility, helped the company offer expert insights, response times and data analytics, said Allison Reid, Aimbridge’s chief global growth officer.
“Scale allows us to do things no one else can do and is what helps further differentiate our business model,” said Reid.
Through 2023, Aimbridge signed several high-end properties in hot markets. Some of them include Morningstar Buoy Haus, an Autograph Collection hotel; The Inn at Rancho Santa Fe; Hyatt House Houston Medical Center; Hyatt Place Houston Medical Center; voco Fiorello – LaGuardia East; Atlanta Marriott Peachtree Corners; and Holston House Nashville.
REOPENING
The past year saw Aimbridge renovating and reopening several properties in its full-service, luxury and lifestyle divisions and overseeing multi-million-dollar worth of investments in several important properties. Some of the reopenings in 2023 include:
- The return of Frenchman’s Reef Resort and its rebranding as the Westin Beach Resort & Spa at Frenchman’s Reef. Managed under Aimbridge’s full-service vertical, the hotel underwent a $425 million refurbishment and was closed for five years due to storm damage in 2017.
- The $50 million renovation and reopening of the historic British Colonial Nassau.
- A $40 million renovation and rebranding of Margaritaville South Padre Island.
- The reopening of the Queen Mary, a retired transatlantic cruise ship that has been transformed into a hotel. The property, which underwent upgrades and enhancements while retaining its original grandeur, is managed by Evolution, Aimbridge’s lifestyle vertical.
PROJECT MANAGEMENT, IMPROVEMENTS
New-build and renovations continue to comprise part of Aimbridge’s managed portfolio, with several properties undergoing significant renovations or receiving PIP updates under the Aimbridge team.
In the past year, Aimbridge broke ground on two new-build projects anticipated to open in 2025 — the Grand Hyatt Grand Cayman and the Autograph Collection Caruçao.
Aimbridge also oversaw the Millennium Hotel Minneapolis while it went through a PIP project and rebranded and also rebranded a newly transitioned portion of LATAM portfolio to well-known flags, such as Holiday Inn and Sheraton.
More projects are being planned for this year, including a 2023 deal that announced Aimbridge as the operator of the Rugby Football Union’s Twickenham Stadium Hotel. The hotel will transition to a Radisson RED property this year.
EXPANSIONS
Aimbridge continued its targeted strategies in 2023 to expand the footprint of its EMEA unit, which included team deployment and other market-specific investments. This has helped Aimbridge EMEA establish a presence in Georgia, where it manages the Alliance Palace Aparthotel and has opened a new Eastern European office in Tbilisi. Additionally, in Spain, the company oversees the Grand Luxor Hotel & Village on the Iberian Peninsula.
TALENT RETENTION, ACQUISITION
As one of the leading employers in the hospitality industry, Aimbridge processed around 610,000 applications in 2023 and hired around 43,000 persons.
In markets where it has embedded local recruiters, Aimbridge has narrowed its hiring time to an average of 10 days while simultaneously maintaining a 21-day average to hire through traditional means – both methods proving much faster than the industry average of around 40 days.
In 2023, the company internally promoted 5,200 associates.