Somera Capital Management, an investment firm based in Carpinteria, Calif., and Washington, D.C., has acquired Dallas-based hotel management company Quorum Hotels & Resorts following a 20-year relationship between Somera and Quorum principals.
"We have well-established regard for the culture and talent of Quorum and look forward to continuing the legacy for our associates, partners and guests alongside a growing portfolio," Somera CEO David Brown said in a statement. "We congratulate the founding partners on their 35 years of success and thank them for the opportunity to work with such a dedicated, dynamic and talented leadership team in this new chapter."
The new ownership group brings together more than 75 years of industry experience across a range of brands, segments and disciplines and will be led by Somera President Todd Moreau. Moreau previously led a California-based hotel management company as COO through a decade of growth marked by the expansion of its portfolio of branded and independent upscale, lifestyle hotels.
"The industry has experienced strength and resilience in its recovery over the past two years,” Moreau said. "In that time, we have also seen a significant increase in merger and acquisition activity in the third-party management space. We believe the relationships we cultivate with our partners, our attention to detail on all key performance factors and our genuine, experience-focused culture will remain the differentiators for Quorum.”
Quorum Hotels & Resorts currently operates properties in Texas, California, Arizona, South Carolina, Georgia and Kentucky. Quorum will maintain corporate headquarters in Dallas and Newport Beach, Calif.