X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

DUBLIN-Locally headquartered investment group Sorrento Asset Management has acquired corporate housing provider BridgeStreet Worldwide from Interstate Hotels & Resorts for $40.5 million. BridgeStreet will act as Sorrento’s real estate management division while remaining a US-based company based out of Northern Virginia.

BridgeStreet president Lee Curtis says being a part of Sorrento will “open doors to multiple capital sources, which will allow us to fund our ongoing and future growth plans.” Chief executive Bryan Turley says BridgeStreet has operated in a number of its properties in the US and Europe. “The combination into a single organization will translate into significant synergies,” Turley says. “We see BridgeStreet…as a catalyst for strategic growth.”

The acquisition follows a “major turn-around program” implemented by BridgeStreet over the past few years, Turley says. “[They] have re-energized the company by concentrating on high potential, tier-one markets, by increasing revenues and profitability and through significantly expanding their global accounts,” he says. “We foresee significant upside growth potential.”

Interstate Hotels chief executive Thomas Hewitt acknowledged the turnaround, saying the company has done an excellent job of managing its existing corporate apartment inventory and driving rates, resulting in significantly increased profits. “However, corporate housing, while related, is no longer part of our core growth strategy,” he said.

Credit Suisse provided acquisition financing. Cantor Fitzgerald and DLA Piper acted as financial and legal advisor to Sorrento, respectively.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.