Extended-Stay Chain Affordable Suites of America Sold
Main Photo: Affordable Suites Augusta GA Hotel
Date: January 2019
Location: South-Eastern USA
Name: Affordable Suites of America
No. of Keys: 20 hotels
Seller: Affordable Suites of America, headed up by Chris Rutherford, COO.
Buyer: Lindsay Goldberg today announced that it has acquired Affordable Suites of America, Inc., a owner, operator and franchisor of extended-stay hotels in the Southeastern United States. Terms of the transaction were not disclosed.
Based in Myrtle Beach, South Carolina, Affordable Suites provides long-term, economy-minded travellers with a comfortable and relaxing environment ideal for business and leisure alike.
It’s hotels offer fully furnished apartment-style suites, complete with a living area and kitchen, separate bedroom and additional amenities.
Affordable Suites’ portfolio of hotels is comprised of 20 properties across Georgia, Indiana, North Carolina, South Carolina, and Virginia.
“We are excited to partner with Affordable Suites, a leader in extended-stay lodging throughout the Southeast that is poised for growth,” said Russell Triedman, a Partner at Lindsay Goldberg.
“Leveraging our substantial extended-stay hospitality and real estate sector expertise, we plan to build the Company through strategic development and acquisitions.”
Affordable Suites will be led by incoming CEO Gary DeLapp, a successful industry veteran and former CEO of Lindsay Goldberg portfolio company, WoodSpring Hotels Holdings.
Under Lindsay Goldberg’s ownership, Woodspring executed a highly successful rebranding and renovation campaign, and grew from 179 locations in 2012 to 254 in 2018 when it was acquired by Choice Hotels for US$231m.
“I am thrilled to lead Affordable Suites and again work closely with the Lindsay Goldberg team,” said Mr. DeLapp. “Affordable Suites is well positioned to capitalise on the tremendous opportunities ahead and will continue to execute on its core mission of providing best-in-class facilities for economy-minded travellers.
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.
Lindsay Goldberg is a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Founded in 2001, Lindsay Goldberg manages more than $13 billion of equity capital and takes a relationship driven approach, centered upon a collaborative investment model and supported by its global network of affiliate partners.
The Affordable Suites of America LLC portfolio currently includes 20 hotels in the states of VA, NC, SC, GA and IN.
THPT Comment: Great move for Lindsay Goldberg
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