The firm is tapping Starwood Global Opportunity Fund X for the deal. The tenth fund is currently targeting $4bn but has not revealed the size of its first close.
The sale covers 188 hotels, the TMI management company and its development platform. It will see the 103 select-service hotels Starwood currently has on its books increase nearly three-fold to 291.
The US firm’s senior vice president Suril Shah said, “The acquisition of TMI Hospitality … offers Starwood Capital the exciting opportunity to build on our investments in select-service and extended-stay lodging.”
In March AltAssets reported that Starwood paid £232m for UK hotel and conference centre operator De Vere Venues from De Vere Group.
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