HOUSTON — Hotel management company Terrapin Hospitality announced the acquisition of K Partners, a third-party hotel management company located in San Antonio, Texas. With the completion of the acquisition, Terrapin now has a portfolio of 70 managed properties comprising 7,335 rooms in 13 states from Oregon to Florida and New York. Terrapin and its affiliates have an ownership interest in 30 of the properties.
“This acquisition was a natural fit,” explained Tony Sherman, founder and principal, Terrapin Hospitality. “Both companies share a similar focus and vision of bringing value to the bottom line while improving the guest experience.”
“Becoming part of Terrapin Hospitality creates incredible synergies and opportunities for continued growth and expansion,” said Shawn Kvernen, chief operating officer, K Partners. “It will also allow us to maximize investment returns for our property owners and also create additional opportunities for our team members.”
Tony Sherman will continue as CEO of Terrapin Hospitality. Shawn Kvernen will join Terrapin and serve as senior vice president, business development. Paul Nussbaum and Leslie Ng, who became significant investors in Terrapin Hospitality earlier this year, will continue to actively support Terrapin’s ambitious growth plans while focusing on capital markets activities and future M&A opportunities for Terrapin.
“I am pleased with the addition of K Partners to the company,” said Leslie Ng. “This acquisition allows us to continue our strategic growth plans for Terrapin as one of the preeminent management companies in our industry.”
The company will continue to apply its proven management systems to the expanded portfolio while providing its owners higher returns and increased profitability for their assets.