PROVO, Utah, Feb. 10, 2014 /PRNewswire/ — Lodging Dynamics Hospitality Group announced its first acquisition through the company's affiliated equity fund, LD Hotel Group I, LLC. The fund is raising $60,000,000 to fund future acquisitions. The fund purchased its first hotel today, a 102-room Staybridge Suites in Omaha, NE. Lodging Dynamics Hospitality Group owns and operates a TownePlace Suites in West Omaha and also has a Hampton Inn under construction in the same West Omaha market.
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After more than two decades of successfully developing, managing, and owning premium brand, select service and extended stay hotels, the company decided to augment its growth strategy through hotel acquisition. "We are raising this fund to use as a tool to acquire existing hotels, converting hotels to premium brands and to accelerate the company's growth," commented Joel P. Sybrowsky, President and CEO of Lodging Dynamics Hospitality Group. "We have been solely focused on this segment of the hotel market for more than twenty years. We have successfully developed, acquired and operated in this market. We believe the acquisition strategy is the right one given where our company is at in its life cycle," stated Mr. Sybrowsky.
The fund proceeds are all going toward the acquisition of targeted U.S. properties that the company can use its proven management capabilities and its scale to improve the properties performance and toward properties that need capital in order to maintain its competitive advantage in the marketplace. The fund is acquiring Marriott's, Hyatt's, Hilton's and IHG's select service and extended stay brand properties.
Hotel industry veteran and Lodging Dynamics Acquisition Consultant, Chris Bills said, "In order to achieve the company's short and long term goals, we felt it was paramount to acquire assets in addition to select development opportunities. We are looking for Marriott, Hilton, IHG, and Hyatt select service and extended stay opportunities."
Paramount Lodging Advisors represented LDHG on its first acquisition in Omaha, NE as a buyer-broker.
About Lodging Dynamics
Lodging Dynamics is based in Provo, Utah based is a multi-award winning owner of premium-brand, select service and extended stay hotels. Founded in 1992 after acquiring their own premium-brand, select service properties, LDHG owns and operates hotels in 8 states and has two hotels under construction. www.lodgingdynamics.com.