BOSTON—Advent International, a global private equity investor, today announced that it has signed a definitive agreement to acquire a majority ownership interest in North American third-party hotel operator Aimbridge Hospitality from Lee Equity Partners, a U.S.-based private equity firm, and General Atlantic investors. Aimbridge’s senior management team will continue to lead the company and will retain a meaningful equity stake in the business, according to the agreement.
The transaction is expected to close by February. Financial terms of the transaction were not disclosed.
Since 2013, Dallas-based Aimbridge Hospitality has expanded its portfolio from eight to approximately 800 upscale, independent, and branded hotels totaling more than 100,000 rooms across the United States, Canada, and the Caribbean. Aimbridge provides property management, asset management, development, renovation, and consulting services to hotel brands including Marriott, Hilton, Hyatt, IHG, and Wyndham.
“Over the past 15 years Aimbridge has grown to become one of the most respected independent hotel managers in the industry, while creating a positive guest experience and generating operational excellence for our hotel partners,” said Dave Johnson, chairman and CEO of Aimbridge Hospitality. “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.”
“Aimbridge has emerged as the clear leader in the fast-growing and fragmented U.S. third-party hotel management industry, and we are thrilled to partner with the organization as we invest in Aimbridge’s next chapter of growth,” said Jeff Case, a managing director at Advent International. “Aimbridge has a unique opportunity to expand its reach globally through both organic growth and strategic opportunities while leveraging technology to better serve its hotel partners.”
Over the past 27 years, Advent has invested $9 billion in 75 business and financial services companies and $11 billion in 75 companies in consumer, retail, and leisure.