Hotel Equities and Springboard Hospitality enter merger
This move is said to unite two 'complementary' entities with distinct capabilities in the hospitality sector.
Hotel Equities is known for its experience in managing branded, select and full-service assets, while Springboard Hospitality oversees independent, lifestyle and resort properties.
The joint entity will manage a portfolio of properties in the US, Canada, the Caribbean and Latin America.
These properties span various destinations including urban centres, resorts and outdoor locales.
Springboard Hospitality CEO Ben Rafter will lead the merged company as CEO.
Brad Rahinsky, previously the president and CEO of Hotel Equities, will take on the role of chairman.
Brad Rahinsky said: 'This next chapter for the combined company establishes scale with expanded regional insight and entrepreneurial agility to support owners across every asset class.'
Al Smith, president of hotel operations at Hotel Equities, will be appointed as the chief operating officer, and Springboard Hospitality executive vice-president Rob Robinson will become the president of Springboard Hospitality.
Hotel Equities said that the merger integrates its 'scaled purchasing power' and North American presence with Springboard's experience in commercial strategy, technology and expertise in West Coast and Hawaii markets.
The company will offer a range of services encompassing capital planning, development, food and beverage strategy, marketing, operations and revenue management.
Rafter said: 'We start with what both companies do best: revenue generation and technology innovation. We have earned our reputation by unlocking new revenue opportunities, embracing technology to stay ahead of the curve and tailoring creative solutions for each asset.
'From there our combined expertise allows us to move faster, think more creatively and deliver long-term value in ways that legacy operators simply can't.'
As the company progresses towards its next growth phase, it plans to announce key hires and expanded services in the upcoming months.
"Hotel Equities and Springboard Hospitality enter merger" was originally created and published by Hotel Management Network, a GlobalData owned brand.
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