Texas-based Aimbridge Hospitality has acquired the management portfolio of Houston-based Terrapin Hospitality, which includes 71 hotels in the U.S.
Totaling 8,100 rooms across 21 states, the portfolio is mostly based in the upper midscale and upscale segments across major hotel brands. The acquired hotels will be a part of Aimbridge’s Select Service Division.
“We are already applying our expertise and operating acumen to the Terrapin Hospitality portfolio, and we look forward to a long-term relationship where we can generate meaningful results and chart a path to future success,” said Michael J. Deitemeyer, Aimbridge Hospitality president and CEO.
As part of the deal, Aimbridge will build on its existing agreements with Waramaug Hospitality and Terrapin Investments, the two hotel owners in Terrapin’s portfolio.
The portfolio, which Aimbridge manages on behalf of Waramaug and Terrapin, will now stand to 42 from the earlier 12. The parties have entered into a long-term strategic development relationship, expected to generate incremental unit growth from the first half of this year.
“The strategic relationship with Aimbridge Hospitality will allow our properties to benefit from the scale and experience of the number one management company in our industry,” said Tony Sherman, Terrapin Hospitality founder and CEO. “It was critical we found the right partner for my portfolio and my clients. Aimbridge Hospitality has best-in-class talent, management approach and resources to ensure our assets will continue to grow their profitability and our team members will be valued.”
Sherman will continue to serve as Aimbridge’s hospitality partner.
In September 2021, Terrapin acquired K Partners, a San Antonio, Texas-based third-party hotel management company. With the acquisition, Terrapin boosted its portfolio to 70 managed properties totaling 7,335 rooms across 13 states. Terrapin and its affiliates had an ownership interest in 30 of the assets.
Currently, Aimbridge has more than 1,500 properties in 50 states and over 20 countries (including its pipeline). The company has operating divisions in Full Service, Evolution Lifestyle, Enhanced Select Service and Select Service.