Waterford, Waterton Forge Partnership to Grow Hospitality Footprint
Waterford has assumed management of eight hotels previously operated by Waterton. The properties that were transitioned total more than 1,600 guest rooms in Ohio, Illinois and Massachusetts; six of which are full service hotels.
WATERFORD, CT—Locally-based Waterford Hotel Group and Waterton, a Chicago-based real estate investor and operator, announced today they have joined forces to form a new venture to strengthen and grow their hospitality portfolios.
The two firms note that the Waterford Hotel Group will look to drive operational success for hotel assets, while Waterton will concentrate its efforts on continued real estate investment strategies including growing the hotel portfolio.
“This merger between our organizations will serve as a catalyst to grow our hospitality portfolios in a strategic manner,” said Len Wolman, chairman and CEO of Waterford. “More importantly, it presents greater opportunities for all of our stakeholders, including value add for ownership groups, strengthened brand relations, and increased talent attraction and career growth for our associates.”
Waterford has assumed management of eight hotels previously operated by Waterton. The properties that were transitioned total more than 1,600 guest rooms in Ohio, Illinois and Massachusetts; six of which are full service hotels.
Waterford’s portfolio grew to 41 properties in nine states, representing more than 6,200 keys. The new additions to the portfolio complement Waterford’s existing diverse portfolio of full service, select service, and independent hotels as well as a convention center.
Waterton partnered with Waterford based on the firms’ more than 30 years of hospitality expertise and track record of increasing market share and profitability through operational efficiency, which complements Waterton’s investment and asset management expertise, the company states. The new venture gives Waterton a platform to leverage the combined asset management and operational acumen of the two firms.
“Our investment management expertise and Waterford’s operational expertise represent a powerful combination which is sure to be attractive to brokers, sellers and investors in the hotel space,” said David Schwartz, CEO, chairman and co-founder of Waterton. “Combining our hotel management platform with Waterford allows Waterton to remain in the hotel business with a more strategic focus on asset management and acquisitions, while creating a larger portfolio with greater synergies for our assets and growth opportunities for our operations professionals.”
RobertDouglas of New York City advised both firms on the transaction.