TORONTO—Shifting from its usual focus on the “four core” real estate investments, Brookfield Asset Management has made its foray into the lodging sector with its just-announced acquisition of Thayer Lodging Group Inc. The hotel investment company will now operate as a subsidiary of locally based Brookfield, continuing to focus on investment management, asset management and property management businesses. The value of the transaction was not disclosed.

Thayer president Bruce Wiles will continue to run the operations and oversee employees. Leland C. Pillsbury and Fred V. Malek, Thayer’s co-founders and chairmen, will serve as co-chairmen & co-heads of Global Lodging of the new company and as senior advisors to Brookfield. In all, some 20 Thayer employees will be taken into Brookfield’s fold.

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