Hospitality management company Scarlett Hotel Group and fully integrated private investment and development firm Everwood Hospitality Partners are joining forces through a strategic partnership.
The two companies will combine their investment and management expertise.
In terms of structure, both companies will still exist, but Scarlett Hotel Group will now focus solely on hotel management, including the management of all of Everwood's hotels. Everwood is changing its name to Everwood Capital Partners to better align with its new sole focus of investment and capital deployment services on its own behalf as well as for third parties.
All principals and owners at Scarlett Hotel Group are now also principals at Everwood Capital Partners.
The newly combined investment and hotel management entity oversees 17 hotels totaling 2,534 rooms across the U.S. Additional properties are in the pipeline.
Hotel brands in the portfolio include those affiliated with Marriott International, Hilton, Choice Hotels International and IHG Hotels & Resorts.
“We’re thrilled to expand our reach in the hospitality industry by merging with Everwood,” Zio Pekovic, principal of Scarlett, said in a news release announcing the merger. “Our two companies have incredibly compatible outlooks on the investment process. Together, we have more power to fuel growth for the properties we purchase and manage. This strategic realignment will also allow the combined companies to maximize their individual strengths and pursue new opportunities for growth.”
Amit Govin, principal of Everwood Capital Partners, said in the news release that this partnership "creates a significant new player in the hotel business."
"Our new partners and our corporate support team have meshed incredibly well over the last several months of integration," he added.