LOS ANGELES — TPG Hotels, Resorts and Marinas has announced it will add to its portfolio by acquiring Marshall Hotels & Resorts.
In a news release, Rhode Island-based hotel management company TPG called the deal with Maryland-based, third-party hotel management company Marshall Hotels & Resorts "an acquisition of equal talents and minds."
Speaking during the Lodging Industry Investment Council meeting, in conjunction with the 2022 Americas Lodging Investment Summit, TPG's Chief Investment Officer and Principal Robert Leven said his company was fortunate to make the deal happen, despite wondering if he "should be selling as opposed to buying management" companies.
He added that the timing was right for the deal and existing relationships helped push it forward.
"We were looking to scale our management business and get into a more significant [piece] of the third-party space," he said. "Also, we were looking for a leadership success plan for our management company."
Leven did not disclose the price of the deal but noted several unique factors that led to a good outcome.
"We're very bullish on the business long term for investing, as well. We've been busy ... and we'll continue to look for other strategic management opportunities, like a lot of people. Scale seems to be, you know, the order of the day," he added.
Once the transaction is complete, TPG will boast a portfolio of more than 130 branded, independent and boutique operated properties, with about 20,000 rooms across 26 states. The combined company will be headquartered in Salisbury, Maryland.