The hospitality group Charlestowne Hotels has signed an agreement with hospitality development firm The Thrash Group to oversee the firms' entire hotel portfolio.
The deal adds 10 hotels to Charlestowne Hotels' portfolio. It's the largest single agreement in the company's 40-year history, the company says, and makes it responsible for 50 hotels in 20 states.
The group will also lead development and expansion of the independent Origin Hotel brand, which features lifestyle hotels. Charlestowne took over five brand hotels as part of the agreement, and the line is expected to grow to 10 hotels over the next four years under the group's management.
Six of the properties will initially be added to Charlestowne's portfolio, with the remaining four properties joining in a second phase.
"To say this has been a tumultuous year for hospitality would be an understatement," Kyle Hughey, the chief operating officer for Charlestowne Hotels, said in a statement. The COVID-19 pandemic has hit the hospitality industry hard, as stay-at-home orders and other restrictions aimed at preventing the spread of the virus meant a sharp decline in hotel visits.
"Our leadership team has never been stronger, and we have been meticulous with our strategic growth plans, this partnership with Thrash included," Hughey added. "We consider our companies well-matched in both operational style and development goals."
The recently-inked deal means Charlestowne will have its first presence in Kentucky, Colorado and Texas.
Charlestowne eyes the agreement "as an opportunity to add a range of lifestyle properties, independent concepts and branded hotels to its portfolio," it said when announcing the new arrangement.
"Each of our hotels, and the teams that support them, have their own personality, culture and guest experience. Charlestowne's work will act as a microphone for these brand attributes," Walker Thrash, partner of The Thrash Group, said in a statement.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Jacqueline Thomsen
Jacqueline Thomsen, based in Washington, is a reporter covering D.C. federal courts and the legal side of politics. Contact her at [email protected] and follow her on Twitter @jacq_thomsen.
