TQP Capital Partners’ principal Thomas Prins announced he has joined the third-party hotel-management company Hostmark Hospitality Group as a minority partner. Prins will lead new-business development for Hostmark and TQP Capital Partners.
In a statement, Prins outlined how he believes the partnership will benefit both groups. According to Prins, TQP Capital Partners had been looking to join with an operator that he said could help it “execute the business plans for the hotel assets TQP Capital acquires.” On the other side, he predicts that thanks to his company’s capital and LP relationships, TQP Capital will be able to help Hostmark develop and acquire hotels and resorts, thereby accelerating its growth. The affiliation was effective immediately and no financial details were disclosed.
Hostmark, founded in 1965, manages properties worldwide for Marriott International, Hilton, IHG, Wyndham Hotels & Resorts, Choice Hotels International and several independent hotels. In North America, its portfolio consists of more than 20 properties and almost 3,500 rooms. Recent additions include Perry Hotel in Key West, Fla.; The Merrill Hotel and Conference Center in Muscatine, Iowa; and the upcoming The Higgins Hotel & Conference Center, Curio Collection by Hilton, opening late 2019 in New Orleans.
Prins co-founded Gemstone Hotels & Resorts in 1994. Since then the operator has managed more than 100 properties, mostly sticking to independent, urban boutique and luxury resort hotels. He founded the hotel real estate private equity firm TQP Capital Partners to develop and acquire hotels. The company generally operates in the high-end, independent, luxury market.