Expansion Reflects Continued Growth Following
2022 Acquisition by TPG Angelo Gordon and Westmont Hospitality
Room Mate Hospitality & Leisure, S.L. (“Room Mate Hotels”),
a leading lifestyle hotel brand and lease management company
headquartered in Madrid, today announced the acquisition of Staying
Valencia, a portfolio of boutique hotels and aparthotels in
Valencia. This strategic acquisition marks a significant milestone
in Room Mate Hotels’ expansion strategy, bolstered by the support
of TPG Angelo Gordon, a diversified credit and real estate
investing platform within TPG, and Westmont Hospitality
(“Westmont”), which together acquired Room Mate Hotels in 2022.
Staying Valencia operates a portfolio of 10 boutique properties
in Valencia, including award-winning Helen Berger, and is renowned
for its strong reputation, exceptional customer service, and
commitment to providing guests with authentic, local experiences.
This acquisition not only expands Room Mate Hotels’ presence across
Spain, but also strengthens its foothold within Valencia, Spain’s
third-largest city and a thriving destination in the European
hospitality market. Room Mate Hotels plans to integrate and rebrand
these properties into its family of prime located lifestyle
hotels.
Since the acquisition of Room Mate Hotels in 2022 by TPG Angelo
Gordon and Westmont, Room Mate Hotels has significantly
strengthened its financial position and revamped its portfolio
through a program of capital expenditures into several hotels. The
company is now well-positioned to continue its international
expansion through further strategic acquisitions, new leases, and
hotel management agreements.
Jacopo Burgio, Managing Director, Europe Real Estate at TPG
Angelo Gordon, said: “We believe Room Mate now operates from a
position of financial strength with no debt and a target EBITDA of
€40 million in 2025 for the combined entity. We are pleased to have
helped Room Mate reestablish itself as one of the premier
international hotel chains and look forward to continuing to
support the company as it seeks to take advantage of exciting
opportunities in the European hospitality sector and beyond.”
Westmont Hospitality added, “Room Mate is on an exciting growth
trajectory, underpinned by a strong balance sheet, an
institutionalized management team, and a renovated hotel portfolio.
This acquisition reflects our continued commitment to support the
company’s continued expansion into fast-growing hotel and tourism
markets like Valencia through the addition of high-quality
assets.”
Kike Sarasola, Founder and President of Room Mate Hotels
expressed excitement about the acquisition: “Welcoming Staying
Valencia into the Room Mate family marks a significant milestone in
our journey. We are thrilled to add Staying Valencia to our
portfolio of centrally located lifestyle hotels. Valencia’s
cultural richness and the company’s hospitality philosophy
perfectly aligns with Room Mate’s values. We look forward to
working with the new landlords, employees, and stakeholders.
Together, we are committed to setting new benchmarks in hospitality
excellence.”
Room Mate Hotels’ acquisition of Staying Valencia follows its
recent acquisition of The Lime Tree Hotel in Belgravia, London in
late 2023, as well as its recent opening of the Palazzo Dei Fiori
by Room Mate in Venice. With this transaction, Room Mate Hotels
will operate 32 properties across Spain, Italy, the Netherlands,
the UK, and Turkey. The company is also preparing to launch its
“Room Mate Collection” brand, designed for travelers seeking an
elevated and distinctive luxury experience.
Clifford Chance (Legal), Perez Llorca (Tax & Structuring),
Jones Lang LaSalle (Commercial), PwC (Financial) and Arcadis
(Technical) served as advisors to Room Mate Hotels in the
transaction. JJL, led by Javier de Miguel, served as financial and
legal advisor to Staying Valencia.
About Room Mate Hotels
Founded in 2005, Room Mate Hotels is a Spanish lifestyle hotel
brand and lease management company with 32 hotels and ~2,200 keys
under management across 5 countries and 14 cities. With its
headquarters in Madrid, Room Mate Hotels employs over 900 people.
Known for its vibrant, people-oriented, and eclectic approach, Room
Mate Hotels offers unique, personalized experiences inspired by
local cultures. Renowned designers such as Patricia Urquiola,
Lázaro Rosa Violán, Tomás Alía, Lorenzo Castillo, and Pascua
Ortega, among others, have contributed to the distinctive character
of Room Mate Hotels. For more information, visit
www.room-matehotels.com.
About TPG
TPG is a leading global alternative asset management firm,
founded in San Francisco in 1992, with $224 billion of assets under
management and investment and operational teams around the world.
TPG invests across a broadly diversified set of strategies,
including private equity, impact, credit, real estate, and market
solutions, and our unique strategy is driven by collaboration,
innovation, and inclusion. Our teams combine deep product and
sector experience with broad capabilities and expertise to develop
differentiated insights and add value for our fund investors,
portfolio companies, management teams, and communities. For more
information, visit www.tpg.com.
About Westmont Hospitality
Founded in 1975, Westmont has grown to be one of the largest
privately held hospitality organisations in the world with
significant presence in North America, Europe, Africa, and Asia. As
an owner-operator, it has alliances with some of the world’s
largest hotel brands including Hilton, Marriott, IHG, Hyatt,
Fairmont, Four Seasons, LHW, and Choice Hotels. Its portfolio is
diversified across 2 to 5-star properties, limited-service to
full-service, large conference, aparthotels, boutique hotels, and
high-end luxury hotels. For more information, visit
www.whg.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240702368346/en/
Media For Room Mate: Stefanie Przybisch Lozano
s.przybisch@room-matehotels.com
For TPG Angelo Gordon: Julia Sottosanti media@tpg.com