Waterton Combines Apartment, Hotel Operations

CHICAGO—Waterton Associates LLC has decided to combine its wholly owned apartment and hotel management subsidiaries, Waterton Residential and Ultima Hospitality. Effective immediately, Waterton Associates and the two subsidiaries will operate as a single entity, Waterton, a move that illustrates just how close the multifamily and hospitality sectors have become these days.

“Apartment residents have begun to demand higher levels of service,” Waterton chief executive officer and co-chairman David Schwartz tells GlobeSt.com. “They increasingly look for better technology, package delivery services, valet services, concierges, and great fitness centers. “And all of these things have been part of the hospitality industry for a long time.”