Main highlights:
- Stonebridge Cos. is set to acquire Las Vegas DoubleTree by Hilton Hotel and collaborate entry in the Las Vegas market.
- Stonebridge has been adopting strategic policies for growth in the U.S as a major hospitality brand.
- The hotel is under renovation to include features to reflect the brand of Stonebridge as a property operator.
Stonebridge Cos. is a nationally recognized, privately owned, and innovative hotel owner, operator, and developer. The company is headquartered in Denver and has recently acquired the DoubleTree by Hilton Hotel Las Vegas Airport.
This is said to be aimed at marking Stonebridge’s expansion into the Las Vegas market. This is not a new venture for Stonebridge Cos. as the company has been dedicated to an expansion mission and actively looking for further collaboration opportunities as it currently holds a portfolio of 12,000 plus rooms around the country.
“We are excited to continue our growth with the recent acquisition of the DoubleTree Las Vegas Airport hotel. Our new partnership with TowerBrook Capital Partners and other private investors provides us with a tremendous platform for us to achieve our significant growth plans throughout the U.S. and this acquisition is the first of many going forward,” said Tom Brinkman, president and chief operating officer of Stonebridge Cos.
“Through our growth, we look forward to not only creating new jobs but also providing our team members exciting new opportunities, and we look forward to welcoming our newest team members at the DoubleTree to our Distinguished Hospitality team here at Stonebridge.”
Located at 7250 Pollock Drive, Las Vegas DoubleTree by Hilton Hotel is just minutes away from the Las Vegas Strip and the Harry Reid International Airport and as per the acquisition Stonebridge Cos. will serve as the property operator of the full-service hotel, built-in 1998, this 190-key hotel, this hotel is under renovation to accommodate the distinguished hospitality brand of Stonebridge and Hilton’s essence in the property by including guest rooms and common areas to enhance the customer experience and guide team members. The renovation is said to be started around the second quarter of 2023 and to be completed by the fourth quarter of 2023 itself.
“The Las Vegas DoubleTree acquisition allows Stonebridge to step into a cash-flowing asset with renovation upside at an attractive all-in basis and represents our commitment to growing our national footprint,” said Steve Kakaty, a chief investment officer of Stonebridge Cos. “We are excited to be establishing a presence in the dynamic Las Vegas market and believe our execution of the planned renovation program will position the hotel as one of the premier branded hotel offerings in the Las Vegas airport submarket.”
About TowerBrook
“TowerBrook Capital Partners is a purpose-driven, transatlantic investment firm that works to grow and improve large and middle-market businesses by partnering with management teams and employees to build excellent companies that make a positive impact on society. Since its inception in 2001, TowerBrook has raised a total of $18.9 billion and invested in more than 90 companies on both sides of the Atlantic.
TowerBrook operates as a single, unified team of experienced investment professionals focused on unlocking value in complex situations. The firm’s highly synergistic family of funds make control and non-control investments across the capital structure, providing capital and resources to transform the capabilities and prospects of its portfolio companies.”
“As a disciplined investor with a commitment to fundamental value, TowerBrook seeks to deliver superior, risk-adjusted returns to investors on a consistent and responsible basis. TowerBrook is the first mainstream private equity firm to be certified as a B Corporation. B Corporation certification is administered by the non-profit B Lab organization and is awarded to companies that demonstrate leadership in their commitment to environmental, social and governance (ESG) standards and responsible business practices.” TowerBrook
About Stonebridge Companies
“Founded in 1991 by Navin C. Dimond, Stonebridge Cos. is a privately owned, nationally recognized innovative hotel owner, operator and developer headquartered in Denver, Colorado. Its diverse portfolio includes select-service, extended-stay, midscale and full-service hotels in markets throughout the U.S” .Stonebridge Companies
