PROVIDENCE, R.I.– TPG Hospitality announced today that during the first half of 2014, the company has expanded its operating portfolio with multiple management agreements, several new hotel developments and new acquisitions that expands the company’s national footprint into its 26th state.
“The first half of 2014 was very busy in all areas of portfolio growth which was complemented by the strong operational performance of our existing national portfolio of over 60 hotels,” states Paul Sacco, Chief Development Officer for TPG Hospitality and head of the organization’s portfolio development group. Sacco continues, “Hotel management opportunities have been active for us, and with the emergence of new focused-service lifestyle brands, ground-up development projects are also increasing. Additionally, we have had success with opportunistic acquisition projects.”
During the first half of 2014, TPG Hospitality executed multiple transactions or entered letters of intent for multiple hotel management agreements including such projects as the Sheraton Suites College Park/DC, the Renaissance Suites Chicago O’Hare and the Hunt Valley Inn in Maryland. The company also has several ground-up hotel developments underway including the Hyatt House in Atlanta, AC by Marriott in San Jose and a new premium branded upscale focused service hotel in Providence, RI. Most recently, the company entered into an agreement to purchase the Courtyard by Marriott in Reno, Nevada and acquired the soon-to-be Waterford Renaissance, a lifestyle-oriented repositioning opportunity in Oklahoma City.
Additionally, the company is also in various stages of executed LOI and Due Diligence on several more hotel management agreements, new-builds and acquisition projects representing a variety of brands and service levels in several markets coast to coast. Sacco concludes, “We are anticipating a very strong second half by adding to the ten (10) or more deals commenced or underway during the first half of 2014.”
As the company expands its operating portfolio, TPG Hospitality is adding key members to bolster the Portfolio Development Team. The company recently hired Evan Morick as SVP Portfolio Development, East Coast, and Bob LaCasse, Head of Operational Transitions. “Both Evan and Bob come to TPG Hospitality with extensive experience and outstanding industry track records. We are very pleased to have them onboard with TPG,” states Sacco.