TORONTO—Shifting from its usual focus on the “four core” realestate investments, Brookfield Asset Managementhas made its foray into the lodging sector with its just-announcedacquisition of Thayer Lodging Group Inc. The hotelinvestment company will now operate as a subsidiary of locallybased Brookfield, continuing to focus on investment management,asset management and property management businesses. The value ofthe transaction was not disclosed.

Thayer president Bruce Wiles will continue torun the operations and oversee employees. Leland C.Pillsbury and Fred V. Malek, Thayer'sco-founders and chairmen, will serve as co-chairmen & co-headsof Global Lodging of the new company and as senior advisors toBrookfield. In all, some 20 Thayer employees will be taken intoBrookfield's fold.

Pillsbury calls the deal “the capstone of a quarter-century ofgrowth and a clear signal that the best days for investing inglobal hotel real estate are yet ahead.” In Brookfield, he adds,“we have found a partner that shares our optimistic view of theacquisition market for full-service hotels in major marketsworldwide, and provides access to an ongoing source ofcapital.”