Lodging Dynamics Hospitality Group has made another acquisition through the company’s affiliated equity fund, LD Hotel Group I: a 105-room Staybridge Suite, in Peoria, Ill. The fund is raising up to $60,000,000 to fund additional future acquisitions.
The acquisition is Lodging Dynamic's first in Illinois. “We are delighted to expand our presence further east as we enter the Illinois market. Peoria is a great market and home to several notable large companies, a host of successful medium and small businesses, and several colleges. We look forward to being a contributing part of this community,” said Joel P. Sybrowsky, president and CEO of Lodging Dynamics.
The fund proceeds are all going toward the acquisition of targeted U.S. properties, LD said. The fund is acquiring Marriott, Hyatt, Hilton and IHG select-service and extended-stay brand properties.
Lodging Dynamics Acquisition Consultant Chris Bills stated, “This acquisition, along with additional acquisitions yet to be announced, will continue to fuel additional growth by the company. Lodging Dynamics has put together a first class company in the hotel industry. The LD Hotel Group I allows savvy investors a great opportunity to leverage Lodging Dynamics storied history.”