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Starwood to almost triple select-service hotel stock with 188-strong TMI deal

20 Jun 2014

hotel and poolUS private equity firm Starwood Capital is set almost triple its stock of select-service hotels by agreeing a deal with TMI Hospitality.

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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