Lodging Dynamics Hospitality Group has announced another acquisition through the company's affiliated equity fund, LD Hotel Group I, which is raising $60,000,000 to fund future acquisitions. The fund purchased its second hotel, a 90-room Holiday Inn and Suites in Overland Park, Kansas.
Lodging Dynamics Hospitality Group owns and operates other premium-brand, select-service and extended-stay hotels in the mid-west region of the United States. This acquisition is its first entry in the Kansas market.
"We are excited to expand our Midwest presence into Kansas. Overland Park is a great business climate, and we look forward to being a part of it," said Joel Sybrowsky, president and CEO of Lodging Dynamics Hospitality Group.
"We are pleased that our fund is continuing to grow. It's great to see new investors recognize our two decades worth of experiencing in award winning and profitable management of premium brand-hotels in the in the select-service and extended-stay niche. This acquisition, along with additional acquisitions yet to be announced, will continue to fuel our growth as a company."
The fund proceeds are all going toward the acquisition of targeted U.S. properties that the company can use its proven management capabilities and its scale to improve the property's performance and toward properties that need capital in order maintain its competitive advantage in the marketplace. The fund is acquiring Marriott's, Hyatt's, Hilton's and IHG's select-service and extended-stay brand properties.
Hotel industry veteran and Lodging Dynamics acquisition consultant, Chris Bills said, "Lodging Dynamics has put together a first class company in the hotel industry. By creating LD Hotel Group I it allows savvy investors a wonderful opportunity to leverage Lodging Dynamics strong heritage of performance."
Paramount Lodging Advisors represented LDHG on this acquisition as a buyer-broker.