“This is a win-win for all parties involved,” said Mike Marshall (shown above), who will serve as president/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 120 operated properties comprising nearly 18,000 rooms in 25 states. The management company will focus on expanding the third-party platform and increasing the value of the assets for our owners.
“This acquisition is a natural fit for both Marshall and TPG,” said Robert Leven, chief investment officer, The Procaccianti Companies, TPG’s parent company. “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.”
