ATLANTA—Hotel Equities (HE) has created a strategic alliance with private equity firm Virtua Partners.
Virtua Partners is making a series of investments totaling more than $500 million into HE’s hospitality platform. The new capital will be utilized to fuel growth through hotel management company acquisitions, organic growth and strategic investments into various hospitality assets.
Hotel Equities provides management and development services to 115 properties across 25 states and two Canadian provinces with a total of $2 billion in assets under management. HE manages premium hotel brands across the country, primarily with Marriott and Hilton. The asset classes range from suburban, urban upscale boutique, as well as resort-style destination properties.
“This capital infusion allows us to expand our platform as we look to grow Hotel Equities through acquisitions and organic growth,” said Fred Cerrone, founder and chairman of Hotel Equities. “Our mission is to provide outstanding service to our key stakeholders and deliver strong returns to our owners. We are delighted to have Virtua Partners invest in our company, as they share our values and culture.”
“Hotel Equities is an industry leader in hospitality management and development. HE has a 29-year award-winning track record for employee recruitment, training and retention. This culture of service permeates throughout the entire company. Virtua Partners is excited to invest in such a dynamic organization,” said Quinn Palomino, principal of Virtua Partners.
Virtua Partners is a global private equity firm with a specialty in commercial real estate. It holds significant investments in hotels and other hospitality properties throughout the country. Virtua Partners has targeted a series of investments totaling more than $500 million, some of which will be deployed through hospitality investments and opportunity zones, as well as acquisitions and new development.