Sonesta International Hotels Corporation announced that it has entered into a definitive agreement to acquire RLH Corporation. After the closing of the transaction, Sonesta will add more than 900 hotels, bringing its portfolio to approximately 1,200 properties across multiple market segments.
The acquisition of RLH is expected to close in the first half of 2021 and it is subject to customary closing conditions, including the approval of RLH’s shareholders. Sonesta expects to fund this transaction with cash-on-hand and/or through capital contributions from its shareholders.
Sonesta also announced that upon closing of this transaction, 35-year hotel industry veteran Keith Pierce will be joining Sonesta as executive vice president, president of franchise and development. Pierce joins Sonesta with more than 35 years of experience across the hospitality industry. He served most recently as president and managing partner of the Passionality Group, a hospitality investment and management advisory firm. Prior to that, he worked at Wyndham Worldwide, where he was executive vice president, brand operations for North America. Before that, he served as president of hotel brand operations for the Americas, and group president for hotels at Wyndham’s predecessor company, Cendant Corporation.
Photo: Courtesy of RLH Corporation
