05-10-2016, 03:41 PM
Third-party management giant Interstate Hotels & Resorts has been acquired by New York private equity firm Kohlberg & Company from Thayer Lodging and Jin Jiang International Hotels. A press release said that Interstate, Arlington, Virginia, will continue its strategic M&A activities to support additional growth and that the senior management team will remain in place and retain equity stakes. “This transaction is validation of Interstate Hotels & Resorts’ strategy, strength and leadership over the past five years,” said Interstate CEO Jim Abrahamson, who leads a company with 425 properties in 10 countries. “The partnership with Kohlberg will enhance the company’s current management processes, with Interstate continuing to lead from a solid position.” “We are excited to be partners with Interstate’s current management team and its deep team of sophisticated hospitality professionals, and we look forward to supporting Interstate’s continued expansion as well as their unwavering commitment to exceptional service for all brands, owners and guests,” commented Ahmed Wahla, partner of Kohlberg & Company.