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Sternlicht’s firm buys 49 percent stake in hospitality management firm
Starwood Capital Group has acquired a 49.9 percent stake Hersha Hospitality Management. The deal – whose terms were not disclosed – is designed to “provide Hersha the resources to expand its highly successful platform across the United States,” the companies said in a joint statement.
The transaction brings together two high-profile players in the real estate and hotel sectors. Starwood Capital is a leading investment firm focused on real estate, having invested more than $24 billion in assets since its inception, while privately held HHM is a major third-party hotel management company, operating more than 70 hotels in major metropolitan markets.
“Over the years, we have built a close relationship with Hersha's leadership team and admire its best-in-class operating capabilities and ability to create value for the properties it manages,” said Barry Sternlicht, Starwood Capital's chairman and ceo. “Starwood Capital will contribute capital, deal flow and enterprise-building resources to help leverage HHM's operating expertise across the country and across a broader spectrum of investments.”
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