About Urgo Hotels & Resorts
On June 7th, 2022, Urgo Hotels & Resorts was acquired by Hersha Hospitality Management. Terms of the transaction were not disclosed. Urgo Hotels & Resorts is a hotel management and development company that provides hotel and resort development, acquisition, financing, operations, management services, and sales and marketing. It is based in Bethesda, Maryland.
Latest Urgo Hotels & Resorts News
Dec 20, 2022
Brands, Owners and Operators Alike Chased Opportunities Brookfield Asset Management's acquisition of Watermark Lodging Trust and its portfolio of 25 properties, including the Ritz-Carlton Key Biscayne, Miami, was one of the year's biggest hotel company acquisitions valued at $3.8 billion. (CoStar) December 20, 2022 | 1:29 P.M. With the industry still in recovery, hotel owners, operators and brands found opportunities to grow their portfolios and their reach through acquisitions of other companies this year. London-based private equity firm Henderson Park was among the first in 2022, acquiring the business and hotel management platform of Amaris Hospitality from LRC Group for an undisclosed amount, creating its own hotel asset management platform, Klarent Hospitality. Through this deal, Henderson Park grew its portfolio to 9,300 rooms across Ireland, the U.K., France, Greece and Spain. Later in January, TPG Hotels, Resorts and Marinas announced it would acquire third-party management company Marshall Hotels & Resorts . TPG Chief Investment Officer and Principal Robert Leven said his company was fortunate to make the deal happen. "We're very bullish on the business long term for investing, as well. We've been busy ... and we'll continue to look for other strategic management opportunities, like a lot of people. Scale seems to be, you know, the order of the day," he added. Continuing the mergers-and-acquisitions trend was Remington Hotels, the third-party management company owned by Ashford Inc., with its acquisition of Chesapeake Hospitality for $26 million . Remington had been planning to grow its management portfolio beyond Ashford-owned properties through hotel real estate investment trusts Ashford Hospitality Trust and Braemar Hotels & Resorts. The Chesapeake deal would grow Remington's portfolio to 121 properties across 28 states with 25 brands and several independent hotels. In an interview with HNN , Remington CEO Sloan Dean said the Chesapeake deal was a “tipping point” for the company. "Next year, I believe we'll be more than 50% third-party management, and in short succession, we should reach 60%," he said, adding it would help remove the perception of conflicts with other ownership groups, particularly other REITs, given its connection to Ashford. On the same day announcing Remington’s acquisition of Chesapeake, hotel and resort management company Benchmark Pyramid, now Pyramid Global Hospitality, announced its acquisition of independent hotel developer and operator Provenance Hotels and its portfolio of 12 properties. The company announced the closing of the deal Dec. 19. In an interview about the deal , Benchmark Pyramid President Alex Cabañas said that opportunities for specialization was as much of a driver for the acquisition as was growing scale. “It is not a core strategy to just be big or bigger,” he said. “It’s a core strategy of be better.” In one of the largest deals of the year, private funds managed by Brookfield Asset Management planned to acquire non-traded REIT Watermark Lodging Trust and its portfolio of 25 upper-upscale and luxury hotels and resorts for $3.8 billion in cash. The deal closed in October. In a letter to investors when the deal was announced, Watermark Chairman and CEO Michael Medzigian said, “We are pleased with the implied valuation premium given the remaining uncertainty regarding the lodging industry’s recovery from the COVID-19 pandemic, the impact of rising interest rates on the financing environment and macroeconomic recessionary concerns.” Hotel management and development company HHM, an affiliate of hotel REIT Hersha Hospitality Trust, announced in June it would acquire Urgo Hotels & Resorts . The combined portfolios would total 235 hotels, expanding HHM’s presence into several new U.S. markets and Canada. “We are excited to work alongside the outstanding leaders at Urgo who share an entirely consistent culture and set of values with HHM, especially in how we work with owners and prioritize our team members,” HHM President and CEO Naveen P. Kakarla said in the news release. “And together we will continue to focus on building enhanced capabilities and services for our owners, new market growth for our platform, and more career growth for our associates." With so many deals among hotel owners and operators, the brands weren’t far behind. In June, Choice Hotels International announced it would acquire Radisson Hotel Group’s Americas division , Radisson Hotel Group Americas, for approximately $675 million, adding 624 hotels with more than 68,000 rooms to Choice’s portfolio. During the company’s second-quarter earnings call , Choice President and CEO Pat Pacious said the deal was “the most significant acquisition in [the] company’s history.” “Importantly, the cultural fit between our two companies could not be more ideal,” he said. “This unique off-market transaction is the result of a yearlong strategic conversation with the sellers and represents a win-win opportunity whereby Choice will bring our track record of brand growth and brand stewardship in the Americas to these well-known global brands.” Wyndham Hotels & Resorts followed suit in September with its acquisition of the Vienna House brand from Berlin-based HR Group, a long-time franchising partner of Wyndham, for $44 million. In an interview with HNN , Dimitris Manikis, president for the Europe, Middle East and Africa region at Wyndham Hotels & Resorts, said he wanted to capitalize on the curiosity of the brand by introducing it to new guests in new markets and Wyndham Rewards’ 95 million loyalty members. "I fell so much in love with the brand that I want more and more consumers to know about it," he said, adding that the name Vienna House evokes the spirit of "traditional European hospitality," which appeals not just to guests in key markets in Europe, such as Germany, but also around the world. In late November, Hyatt Hotels Corp. announced it would acquire Dream Hotels Group in a deal worth up to $300 million. The base price of $125 million included Dream’s brand and management business as well as its 12 properties under the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. There is also $175 million contingent on 24 additional hotels in Dream’s pipeline. Dream Hotels Founder and Chairman Sant Singh Chatwal approached Hyatt about the deal, Hyatt President and CEO Mark Hoplamazian said in an email interview with HNN. "Our culture is key to who we are at Hyatt, and one of the reasons Dream Hotel Group founder Mr. Chatwal approached us, was our culture of care," Hoplamazian said. "He was familiar with our expertise and proven track record in successfully integrating lifestyle brands including Two Roads Hospitality in 2018 while honoring and preserving the unique attributes that make the brands unique and powerful. We have spent the past several months getting to know each other, and carefully working toward the best way to bring Dream Hotel Group’s vibrant lifestyle brands into the Hyatt portfolio, preserving what is special about them and adding Hyatt’s capabilities to those of the Dream Hotel Group’s, and accelerating growth of the brands into the future." Closing out the year, hotel owner and operator Highgate announced it will acquire hotel brand Viceroy Hotels & Resorts for an undisclosed sum, adding Viceroy’s 11 hotels in operation and two under development to its portfolio. Richard Russo, principal at Highgate, said in the news release that “Highgate intends to add brand-accretive hotels to the Viceroy portfolio that will further enhance customer perception and brand awareness.” “Further, through powering Viceroy with a proprietary relationship with Highgate's operating company, and imparting the benefits of Highgate’s scale, we will be able to provide significant incremental value to associates, guests, owners and partners,” he said.
Urgo Hotels & Resorts Frequently Asked Questions (FAQ)
Where is Urgo Hotels & Resorts's headquarters?
Urgo Hotels & Resorts's headquarters is located at 6710A Rockledge Drive, Bethesda.
What is Urgo Hotels & Resorts's latest funding round?
Urgo Hotels & Resorts's latest funding round is Acquired.
Who are the investors of Urgo Hotels & Resorts?
Investors of Urgo Hotels & Resorts include Hersha Hospitality Management.