NEW YORK—Lindsay Goldberg, a private investment firm that focuses on partnering with families, founders and management teams, has acquired Affordable Suites of America Inc., an owner, operator and franchisor of extended-stay hotels in the southeastern U.S. Terms of the transaction were not disclosed.
Based in Myrtle Beach, SC, Affordable Suites has a portfolio of hotels comprising 20 properties across Georgia, Indiana, North Carolina, South Carolina and Virginia.
“Leveraging our substantial extended-stay hospitality and real estate sector expertise, we plan to build the company through strategic development and acquisitions,” said Russell Triedman, a partner at Lindsay Goldberg.
Affordable Suites will be led by incoming CEO Gary DeLapp, an industry veteran and former CEO of Lindsay Goldberg portfolio company WoodSpring Hotels Holdings. Under Lindsay Goldberg’s ownership, WoodSpring executed a rebranding and renovation campaign, and grew from 179 locations in 2012 to 254 in 2018 when it was acquired by Choice Hotels.
“Affordable Suites is well positioned to capitalize on the tremendous opportunities ahead and will continue to execute on its core mission of providing best-in-class facilities for economy-minded travelers,” said DeLapp. “Lindsay Goldberg has a proven track record of growing and developing properties in the extended-stay space, and I have great respect for the firm’s team and approach.”