Barry Sternlicht’s Starwood Capital has purchased a 49.9 percent stake in Hersha Hospitality Management (HHM), which will allow the hotel management company to expand its platform across the country.
The new partnership will seek to capitalize on the ongoing industry recovery by aggressively pursuing select-service and full-service hotel management opportunities on a national scale. In addition, the venture will also target strategic investments in turnaround and opportunistic select-service hotels throughout the country and full-service hotels in select suburban markets. 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, according to a press release.
