Former White Lodging executive Deno Yiankes has launched Chimera Hospitality Corporation (CHC), a privately held investment and asset management firm focused on the hotel sector, with his two sons, Alex and Eric.
The company has completed its first acquisition, the 95-room voco Sarasota, located in downtown Sarasota’s Rosemary District, in partnership with InterMountain Hotel Management, which will manage the property.
“Forming Chimera Hospitality is the culmination of the invaluable experience and learnings that I was fortunate enough to develop while leading White Lodging’s investment and development platform for more than 30 years,” Yiankes said. “With the cost of capital trending favorably and many urban markets in a period of muted new supply, we believe this is an ideal time to launch Chimera.”
He described the launch timing as well considered. “We formed in the first quarter of this year, and it’s really something my two sons have been preparing for over the last five years,” he said. “When I retired from White Lodging at the end of 2019, I did that with this in mind—that eventually we would do something with the experience I gained leading that organization for 30 years.”
The firm’s first acquisition, voco Sarasota, reflects its strategy of acquiring high-quality properties in growing markets that are not operating at optimal levels. “We start with a wide funnel and focus first on the market—where we believe the market is going over the next couple of decades,” Yiankes said. “Sarasota is a market that’s easy to overlook, but we love the downtown dynamics. The hotel is a solid, concrete structure with an underground parking garage. It’s well-built, high elevation, and has never been impacted by storms.”
Alex Yiankes, VP, Chimera Hospitality, discussed the partnership approach. “The acquisition of the voco Sarasota reflects our strategy of targeting well-located, high-quality hotels that can be further optimized through active asset management,” he said. “Partnering with InterMountain Hotel Management ensures that the property will benefit from experienced, hands-on operational leadership as we work together to maximize its performance and long-term value.”
The senior Yiankes described Chimera as a startup with extensive experience. “We’re humble; we’re a startup, but we feel real comfortable with our foundation,” he said. “My two sons, who are 29, serve as vice presidents of acquisition to underwrite and find deals and then help manage them once we acquire properties. We’re not going to operate ourselves; we partner with strong operators. Our approach is long-term, disciplined and capital-driven. We want high-quality assets in urban markets, but we don’t necessarily need to be in a top 20 urban market. Sarasota meets our criteria.”
Built in 2006 and fully renovated in 2024, voco Sarasota features 95 guestrooms and suites, an outdoor pool, a 24-hour fitness center, underground parking, Offshore Tapas & Wine Bar and more than 1,100 sq. ft. of flexible meeting space. The property is adjacent to the $2.5 billion Quay Waterfront District development.
Congratulations! I have been following your progress and I know Carlos is so proud of your accomplishment to date. He loved those two boys deeply and is always there to guide them.