New York-based private equity firm Kohlberg & Company has announced the acquisition of Interstate Hotels and Resorts from Thayer Lodging and Jin Jiang International Hotels. According to Interstate CEO Jim Abrahamson, the deal will benefit Interstate’s third-party management model by providing increased global relationships and access to capital resources.
“This transaction is validation of Interstate Hotels & Resorts’ strategy, strength, and leadership over the past five years,” says Abrahamson. “The partnership with Kohlberg will enhance the company’s current management processes, with Interstate continuing to lead from a solid position, remaining focused on providing intuitive service to guests, and developing the best talent to deliver exceptional returns for owners.”
“Interstate is the clear leader in third-party hotel management, with its prestigious brand and reputation built on consistent delivery of world-class service to its hotel guests around the globe,” adds Kohlberg partner Ahmed I. Wahla.
Interstate manages 425 properties across the U.S. and in nine additional countries. The company will continue its M&A activity as it grows, and senior management will remain unchanged and retain equity stakes in the company.
