Somera Capital Acquires Quorum Hotels & Resorts in USA
Main Photo: The Hilton DFW Lakes, one of the Quorum hotels
Date: October 2022
Name: Somera Capital Management and Quorum Hotels & Resorts
Location: Somera is California and Washington DC based…Quorum is Dallas based and currently operates properties in Texas, California, Arizona, South Carolina, Georgia and Kentucky, USA
Number of Keys: Quorum currently have 11 hotels as “current projects” – Keys TBA…with many more over the past three decades
Seller: Quorum Hotels & Resorts, a hotel-managment company, started in 1987, as Rank Hotels North America with UK Rank Group, headed up by Todd Moreau, President, with hotels managed under Marriott, Hilton, Hyatt and IHG brands.
Buyer: Somera Capital Investment, founded in 1994 by David Brown and and Steve Firestone. Besides Hospitality they are invested in retail, offices and apartments, with $650m AUM.
Somera Capital Management, a California and Washington, DC-based investment firm, has acquired Dallas-based hotel management company Quorum Hotels & Resorts.
With more than a 20-year relationship between Somera and Quorum principals as the foundation, the purchase will not only provide a comprehensive management solution for Somera’s current hotel assets, but also position the company for future growth as it seeks to capitalise on market conditions for both it’s investors and partners, according to Somera.
“We have well-established regard for the culture and talent of Quorum and look forward to continuing the legacy for our associates, partners and guests alongside a growing portfolio,” said Somera CEO David Brown. “We congratulate the founding partners on their 35 years of success and thank them for the opportunity to work with such a dedicated, dynamic and talented leadership team in this new chapter.”
The new ownership group brings together more than 75 years of industry experience across all brands, segments and disciplines, and will be led by President Todd Moreau. He previously served as COO of California-based hotel management firm Pacifica Hotel Company through a decade of growth marked by the expansion of its portfolio of branded and independent upscale, lifestyle hotels.
“The industry has experienced strength and resilience in its recovery over the past two years,” said Moreau, “In that time, we have also seen a significant increase in merger and acquisition activity in the third-party management space. We believe the relationships we cultivate with our partners, our attention to detail on all key performance factors and our genuine, experience-focused culture will remain the differentiators for Quorum.”
Quorum currently operates properties in Texas, California, Arizona, South Carolina, Georgia and Kentucky. It will maintain corporate headquarters in both Dallas and Newport Beach, CA.
Price: Undisclosed
THPT Comment: Feels more like a merger than an acquisition with Quorum’s boss taking the lead role on the two companies
First Seen: Hotel Business
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