Third-party hotel operator Aimbridge Hospitality closed 2023 with a mix of deals, new market entries and property reopenings in its global portfolio.
During 2023, Aimbridge grew its portfolio through a combination of management changes, ownership transitions, receiverships and new-build projects across the United States and its two geographic divisions servicing the Europe, Middle East and Africa and Latin America regions.
“In 2023, we implemented a new global growth plan focused on clear alignment with owners, investors, and brand partners,” Allison Reid, chief global growth officer, Aimbridge Hospitality, said in a statement. “Geographical and segment-based deployment, combined with added resources in development executives, data intelligence, and feasibility positioned Aimbridge to provide unparalleled insights, data analytics, and response times. Scale allows us to do things no one else can do and is what helps further differentiate our business model.”
Some of the new additions include Morningstar Bouy Haus, an Autograph Collection hotel; The Inn at Rancho Santa Fe; Hyatt House Houston Medical Center and Hyatt Place Houston Medical Center; Voco Fiorello - LaGuardia East; Atlanta Marriott Peachtree Corners; and Holston House Nashville.
Reopenings
Aimbridge reopened a number of properties following renovation projects in its expanding full-service, luxury and lifestyle verticals, overseeing hundreds of millions of dollars invested in some of the most celebrated hospitality destinations. Among them were:
- The return of the Frenchman’s Reef Resort, managed under Aimbridge’s Full Service division, which was been rebranded as the Westin Beach Resort & Spa at Frenchman’s Reef following a $425 million investment and five-year hiatus due to intensive storm damage in 2017.
- A $50 million renovation and reopening of the historic British Colonial Nassau.
- A $40 million renovation and rebranding of Margaritaville South Padre Island.
- The reopening of the Queen Mary, a retired transatlantic cruise ship-turned hotel managed by Evolution, Aimbridge’s lifestyle division, that underwent numerous upgrades and improvements.
Project Management and Improvements
Renovations and construction projects continue to be an ongoing part of Aimbridge’s managed portfolio, with dozens of properties receiving major renovations or undergoing property improvement plan updates under the purview of the Aimbridge team. With extensive experience in managing all aspects of a hotel’s lifecycle, Aimbridge guides properties and projects from every phase from construction to brand conversions. In 2023, this included breaking ground on the Grand Hyatt Grand Cayman and the Autograph Collection Caruçao, both new builds set to open in 2025; overseeing the Millennium Hotel Minneapolis through a major PIP project and rebrand; and rebranding a recently transitioned portion of its LATAM portfolio to international flags like Sheraton and Holiday Inn.
More projects are on the horizon in 2024, including a 2023 prestigious deal naming Aimbridge as the operator of the Rugby Football Union’s Twickenham Stadium Hotel, which will transition to a Radisson RED property this year.
Market Expansions
Aimbridge’s continued growth trajectory in 2023 included targeted strategies to expand the reach of its EMEA division, including team deployment and other market-specific investments. As a result, Aimbridge EMEA now has a management presence in Georgia, where it manages the Alliance Palace Aparthotel along with a new Eastern European office in Tbilisi, Georgia; and in Spain, managing the Grand Luxor Hotel & Village in the Iberian Peninsula.
Talent Retention & Acquisition
In 2023, Aimbridge internally promoted 5,200 associates, hired close to 43,000 individuals and processed nearly 610,000 applications in 2023. In markets where the company has embedded local recruiters, it has narrowed its hiring timeframe to an average of just 10 days; at the same time, it has maintained a 21-day average to hire through traditional means—both methods proving much faster than the industry average of around 40 days.