Hotel Equities (HE) has formed a strategic alliance with Colorado-based Greenwood Hospitality Group. The combined portfolio of HE and Greenwood will be in excess of 200 hotels. The Greenwood portfolio of 30 hotels spans coast-to-coast and consists of high-end independent and branded hotels including Marriott, Hilton and IHG.
The alliance combines the unique strengths and resources of Greenwood, a leader in lifestyle, experiential and luxury hotels (including Spendrift Inn in Monterey, CA, pictured above), and HE with its successful history of select- and full-service hotels. The combination creates a true vertically integrated platform representing all hospitality categories and chainscales. With this alliance, HE and Greenwood will offer industry-leading operations, sales and marketing, revenue generation, human resources, development services and training/development to all of its clients, according to the companies.
“The synergies we share, along with my respect for the Greenwood organization and the principals who have guided the company to become leaders in the lifestyle and full-service space have me excited about what this partnership represents and where it will take us,” said Brad Rahinsky, president/CEO, Hotel Equities. “Scale has always mattered but never more so than today. The combined resources along with the talent and experience that comes together through this marriage creates a peerless force in the industry.”
“We are thrilled about our partnership with Hotel Equities, largely in part because of our aligning company values,” said Tom Conran, principal, Greenwood. “Hotel Equities bases its company culture on a set of 12 value statements which coincide well with Greenwood’s commitment to taking care of our team, our guests and our investor partners. This partnership provides unparalleled opportunities, resources and support at a time where those things have never been more important in our industry.”
He also told Hotel Business, “Geographically, I think our reach will increase through this alignment. So, I think we’re looking at different parts of the country maybe we didn’t look at before. I think that from a capital standpoint, we can attract some significant levels of capital through this alliance, which is going to be helpful.”
Joe Reardon, chief development officer, HE, said, “Hotel Equities’ focus and commitment to being the industry leader in resort, lifestyle and full-service hotels becomes a reality with this partnership. Our investment into the full-service space has been rewarded through the creation of this partnership. Without a doubt, this alliance will accelerate our growth and positioning in the lifestyle and resort segments.”
Bill Kohl, partner, Greenwood, believes the partnership is a win for the team members of both companies.
“Some of their associates may be interested in getting into some larger, more complex hotels and as positions open, we would afford that opportunity,” he told Hotel Business. “And we may have some department heads who are interested in being a general manager. We don’t have that opportunity within our company, but with the scale that they have, there may be some openings that they could apply for and grow their careers in that arena. I think that’s particularly possible given the outstanding management development programs that Hotel Equities has been able to develop.”
Look for more on this strategic partnership in the March issue of Hotel Business, which will be out next week.