Lodging dynamics acquires another key hotel through its affiliate fund.
PROVO, UTAH – Lodging Dynamics Hospitality Group announced another acquisition through the company’s affiliated equity fund, LD Hotel Group I, LLC. The acquisition is a 105 room Staybridge Suites (IHG’s upscale extended stay brand) in Peoria, Illinois. The fund is raising up to $60,000,000 to fund additional future acquisitions.
Lodging Dynamics Hospitality Group owns and operates premium-brand, select-service and extended-stay hotels throughout the Western United States. However, this acquisition is its first entry in the Illinois market. “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,” commented Joel P. Sybrowsky, President and CEO of Lodging Dynamics.
Lodging Dynamics has more than two decades of successfully developing, managing, and owning premium-brand, select-service and extended-stay hotels. While the company provides award winning management services for its hotels, they also provide these same services for owners of other premium-brand, select-service and extended-stay hotel owners. In addition to owning, operating and developing premium-brand, select-service and extended-stay hotels, the company decided to create an investment fund to augment its growth strategy through additional hotel acquisitions. “We are very pleased with the reception of our fund by our investors. We are excited to see new investors recognize our two decades worth of experience operating award winning and profitable premium brand-hotels in the in the select-service and extended-stay niche” stated Mr. Sybrowsky.
The fund proceeds are all going toward the acquisition of targeted U.S. properties that can benefit from the company’s proven management capabilities to improve a property’s performance. The fund is acquiring Marriott, Hyatt, Hilton and IHG select-service and extended-stay brand properties. Hotel industry veteran and 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.”
Photo caption: Staybridge Suites, Peoria, Illinois.
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