PLANO, Texas — Aimbridge Hospitality and Interstate Hotels & Resorts have entered into a definitive agreement to merge. The combined company will manage a portfolio of more than 1,400 branded and independent properties in 49 U.S. states and 20 countries.
As a result of the merger, it is expected that Aimbridge and Interstate will have the scale, resources and global reach to reinforce their leading hospitality offerings, continue delivering superior financial and investment performance for hotel partners and create positive experiences for guests.
Dave Johnson, co-founder and CEO of Aimbridge, will become CEO of the combined business. Michael Deitemeyer, president and CEO of Interstate, will become global president, overseeing operations globally and corporate disciplines. The merged company will boast a talent pool of more than 60,000 employees worldwide.
“Aimbridge is thrilled about the opportunity to join forces with Interstate to enable us to bring even more value to our hotel owners,” says Johnson. “Our combined scale will ensure access to more robust data and the best talent to further differentiate us as leading hospitality managers.”
Advent International, one of the largest and most experienced global private equity investors, acquired a majority ownership stake in Aimbridge earlier this year and will assume majority ownership of the combined entity.
The transaction is subject to regulatory approval and customary closing conditions. It is expected to be completed by the end of 2019.