PROVIDENCE, RI—TPG Hospitality recently entered into an agreement to purchase the Courtyard by Marriott in Reno, NV, and acquired the soon-to-be Waterford Renaissance, a repositioning opportunity in Oklahoma City, OK.
The aforementioned deals represent the most recent transactions for the management company, which has expanded its operating portfolio with multiple management agreements, several new hotel developments and new acquisitions during the first half of 2014.
TPG Hospitality executed multiple transactions or entered letters of intent for multiple new third-party management agreements, including such projects as the Sheraton Suites College Park/DC, the Renaissance Suites Chicago O’Hare and the Hunt Valley Inn in Maryland. The company also has several ground-up hotel developments underway, including the Hyatt House in Atlanta, AC Hotels by Marriott in San Jose and a new premium branded upscale, focused-service hotel here.
The company is also in various stages of executed LOI and Due Diligence on several more hotel management agreements, new builds and acquisition projects representing a variety of brands and service levels in several markets from coast to coast. According to Paul Sacco, Chief Development Officer, TPG Hospitality. “We are anticipating a very strong second half by adding to the 10 or more deals commenced or underway during the first half of 2014,” he said.
TPG Hospitality is also adding key members to bolster the portfolio development team. The company recently hired Evan Morick as SVP, portfolio development, and Bob LaCasse, head of operational transitions.