Aimbridge Hospitality adds 25 Extended Stay America hotels

The deal is notable in that Three Wall Capital will be Extended Stay America’s first third-party operator after launching a franchising model in mid-2017.
A new agreement with Three Wall Capital brings 2,430 Extended Stay America rooms to Aimbridge's portfolio. Photo credit: Extended Stay America

Aimbridge Hospitality has added 25 Extended Stay America properties to its portfolio in Texas and the Midwest, making the company the largest third-party manager of Extended Stay America hotels.
 
This is another milestone for the partnership between Aimbridge and owners Three Wall Capital, who have now selected Aimbridge to manage more than 50 of its extended-stay, full-service and economy properties. Founded by Alan Kanders, Three Wall Capital is a hospitality equity and debt investment group for institutional and individual investors that has completed more than $1 billion in transactions in a principal investor capacity since inception in 2008.

“We have enjoyed mutual success alongside Aimbridge Hospitality and are pleased to expand on our partnership with these 25 Extended Stay America Properties,” Kanders said.

The new Extended Stay America properties added to Aimbridge Hospitality's portfolio comprise 11 properties with a combined 1,067 rooms in Texas, six properties with a combined 612 rooms in Indiana, six properties with a combined 553 rooms in Ohio and two properties with a combined 198 rooms in Kentucky. In total, Aimbridge's portfolio grew an additional 2,430 rooms.

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The development comes on the heels of November’s additions of seven Extended Stay America properties to Aimbridge’s portfolio. Those hotels in Virginia, Georgia and Illinois are also owned by Three Wall Capital.

Aimbridge Developments

In November, Aimbridge Hospitality launched a collaboration with the International Well Building Institute, enrolling the first 100 portfolio hotels in the Well Health-Safety Rating for Facility Operations and Management and building a foundation for enrolling additional properties from Aimbridge’s portfolio. This collaboration aims to advance health and safety in the hospitality sector, address the challenges and expectations presented by COVID-19 and create well environments for associates and guests.

In December, the company named Michael J. Deitemeyer as its new CEO, succeeding cofounder Dave Johnson. Since October 2019, Deitemeyer has served as the global president of Aimbridge Hospitality, overseeing the merger with Interstate Hotels & Resorts, where he served as CEO.