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Upscale hotel operators joining forces
Two high-profile hotel operators—Joie de Vivre Hospitality and Thompson Hotels—are merging. The new company, tentatively called JT Hospitality, will combine the 33 boutique hotels operated by Joie de Vivre Hospitality with the 12 luxury locales operated by Thompson Hotels.
Geolo Capital, an investment fund run by Hyatt Hotels Corp. scion John Pritzker, owns a majority stake in Joie de Vivre, while Thompson is owned by New York’s Pomeranc family. The two parties declined to reveal financial details of the merger, but did say that each group will own a 50 percent stake in JT Hospitality. They expect that the company will produce annual revenue of about $500 million.
The co-chairmen of the merged company will be Pritzker and Jason Pomeranc, the youngest of the three Pomeranc brothers who own Thompson Hotels. Thompson ceo Stephen Brandman, a veteran of InterContinental Hotels Group PLC, will be chief executive. Joie de Vivre's interim ceo, Gary Beasley, has returned to an executive role with Pritzker's investment fund, Geolo Capital.
Chip Conley, Joie de Vivre’s founder, will retain a major equity stake in the new company and remain involved as a strategic advisor. “I'm thrilled that with the marriage of JdV and Thompson Hotels the spirit of the Joie de Vivre brand will be growing on a global scale and that the investors and owners who have been the mainstays of our company will enjoy the benefits of the distribution this growth will bring,” said Conley.
Pritzker, whose Geolo bought a majority stake in Joie de Vivre last year, set up a $150 million fund at the time to acquire hotels to be converted to the Joie de Vivre brand. “Fifteen months ago we said we would leverage our hospitality platform to nearly double Joie de Vivre’s annual revenues and the number of hotels in the collection within five years,” he said. “By merging with Thompson Hotels, we are on track to reach that goal well ahead of schedule. More importantly, the merger will accelerate the growth of both brands, which will benefit from significant capital resources, greater distribution, economies of scale, and collective expertise.”
The partners in the venture said it will be formally renamed early next year, after completing a joint branding exercise they’re currently working on.
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