Starwood Capital, TMI Ink Hotel Deal

GREENWICH, CT—A few weeks after its CEO dismissed published reports that TMI Hospitality was about to be sold to Starwood Capital Group, TMI and Starwood Capital announced a deal Thursday for the private equity firm to do just that. Via a controlled affiliate of Starwood Global Opportunity Fund X, Starwood Capital will buy all of the outstanding stock of Fargo, ND-based TMI, giving the new owners control of a 188-hotel portfolio, TMI’s management company and its development platform.

“The acquisition of TMI Hospitality, a proven and trusted property manager, offers Starwood Capital the exciting opportunity to build on our investments in select-service and extended-stay lodging,” says Suril Shah, SVP of acquisitions of Starwood Capital. “We are looking forward to continuing the legacy of TMI’s development and management platform.”