Reading Time: 2 minutes
US: Boutique brand and hospitality management company Lark Hotels has entered into a joint venture with hotel brand and operator Life House.
This JV will operate under Lark Hospitality LLC and encompasses all Lark Hotels and Life House-branded hotels, 33 restaurants and bars, and the groups’ combined portfolio of nearly 100 independent properties, with locations throughout the United States, Hawaii, and Mexico.
The new entity will have nearly $1 billion in assets under management with more than 3,000 total keys, generating a total annual revenue of more than $150 million.
Inovia Capital and Thayer Investment Partners will continue to support the JV alongside Life House stakeholders.
Rob Blood, founder of Lark Hotels will transition to chairman of Lark Hospitality. Peter Twachtman, CEO of Lark Hotels will remain in the same position with Marc Ghobriel, CEO of Life House leading the transition team.
Blood said: “There is no company that has made everyone at Lark Hotels sharpen their pencils more than Life House. Over the last five years, they have made us think deeply about who we are as a company, what our value proposition is for our stakeholders, and who we want to be going forward. As we come together, we look forward to incorporating the best practices of both of our companies to deliver exceptional experiences for our guests, investors, hotel owners and teams.”
Ghobriel added: “The complementary strengths of Life House and Lark, both geographically and operationally, create a leader in the independent and boutique hotel management market. We’re eager to continue focusing on delivering a great experience, to guests at the properties we manage, as well as to their owners, and we plan on investing in building a strong portfolio of brands across North America.”
Lark Hospitality will focus on developing its individual brands – Lark Hotels, Bluebird by Lark, Blind Tiger, AWOL, and Lark Independent – as well as the Life House brand.
Appeared first on: boutiquehotelnews.com
