Hospitality management company Charlestowne Hotels has signed a formal agreement with Mississippi-based hospitality development company The Thrash Group to oversee Thrash's entire portfolio of hotels.
The new agreement adds 10 properties to Charlestowne’s portfolio, making it the largest single deal in the management company’s 40-year history. Five of the new properties are part of independent lifestyle brand Origin Hotel.
“To say this has been a tumultuous year for hospitality would be an understatement. As we approach Charlestowne’s 40th anniversary, we’re reminded that we have navigated uncertain times before,” said Kyle Hughey, COO of Charlestowne Hotels, noting that the company has been “meticulous” with its growth plans, including the new partnership. “We consider our companies well-matched in both operational style and development goals.”
The partnership with The Thrash Group adds more than 1,200 rooms to Charlestowne’s portfolio count and expands the management company’s national footprint to 50 hotels in more than 20 states, including the group’s first properties in Kentucky, Colorado and Texas. As part of the agreement, Charlestowne Hotels will help Thrash develop properties in markets like Morgantown, W. Va., and Tupelo, Miss. The Thrash Group has also tapped Charlestowne Hotels to oversee the continued development and expansion of the Origin Hotel brand, which is projected to grow up to 10 hotels in the next four years under Charlestowne’s management.
The following set of Thrash Group properties will be immediately added to Charlestowne’s portfolio: Origin Red Rocks in Golden, Colo.; Origin Lexington (Ky.), Origin Raleigh (N.C.), Origin Westminster (Colo.), Origin Austin (Texas) and Hotel Morgan (W.Va.). The second phase of property additions include the Doubletree Fort Smith (Ark.), and The Admiral Hotel (Ala.).