Providence, R.I. — TPG Hotels, Resorts and Marinas announced an “acquisition of equal talents and minds” with the addition of Marshall Hotels and Resorts, a hotel management and services company with expertise operating three and four-star branded hotels and resorts. The combined company will be headquartered in Salisbury, Md., and will oversee all day-to-day operations of the entire national portfolio of properties.
“This is a win-win for all parties involved,” said Mike Marshall, who will serve as president and CEO of the combined companies. “By putting our organizations together, we immediately become one of the 10 largest third-party management providers in the hospitality industry. This creates advantages and efficiencies due to the combined workforce’s economies of scale, depth, talent, and deployment of best practices across the portfolio. This move also provides access to greater capital, allowing us to invest alongside ownership groups when prudent, as well as attract a new level of talent sophistication.”
With the completion of the transaction, TPG will have a portfolio of more than 130 operated properties comprising nearly 20,000 rooms in 26 states. The management company will focus on expanding the third-party platform and increasing the value of the assets for owners.
“This acquisition is a natural fit for both Marshall and TPG,” said Robert Leven, chief investment officer, The Procaccianti Companies. “Relationships are so important in our business, and this is a merger of relationships which will allow us to use our collective resources, systems, and experiences to provide our owners with higher returns and increased profitability for their properties. It also allows us to continue our strategic growth plans as one of the preeminent management companies in our industry.”
In September 2021, TPG announced its shift towards third-party management as part of its growth plan, including through strategic acquisitions.