NEWPORT BEACH, Calif., Oct. 6, 2022 /PRNewswire/ -- Somera Capital Management, a California and D.C. based investment firm, announced today the formation of its latest partnership and the acquisition of Dallas-based hotel management company Quorum Hotels & Resorts.
With more than a 20-year relationship between Somera and Quorum principals as the foundation, the acquisition presented a natural evolution. The purchase will not only provide a comprehensive management solution for Somera's current hotel assets, but also position the company for future growth as it seeks to capitalize on market conditions for both its investors and partners.
"We have well established regard for the culture and talent of Quorum and look forward to continuing the legacy for our associates, partners, and guests alongside a growing portfolio," said CEO David Brown. "We congratulate the founding partners on their 35 years of success and thank them for the opportunity to work with such a dedicated, dynamic, and talented leadership team in this new chapter."
The new ownership group brings together more than 75 years of industry experience across all brands, segments, and disciplines and will be led by President, Todd Moreau. Moreau previously led a top California-based hotel management company as Chief Operating Officer through a decade of notable growth marked by the expansion of its diverse portfolio of branded and independent upscale, lifestyle hotels.
"The industry has experienced strength and resilience in its recovery over the past two years. In that time, we have also seen a significant increase in merger and acquisition activity in the third-party management space. We believe the relationships we cultivate with our partners, our attention to detail on all key performance factors, and our genuine, experience-focused culture will remain the differentiators for Quorum," said President Todd Moreau.
Quorum Hotels & Resorts currently operates properties in Texas, California, Arizona, South Carolina, Georgia, and Kentucky. Quorum will maintain corporate headquarters in both Dallas, Texas, and Newport Beach, California, positioned to support its geographically diverse, growing portfolio of hotels. Learn more about Quorum Hotels & Resorts at quorumhotels.com.
About Quorum Hotels & Resorts
Quorum Hotels & Resorts has a 35-year record of success comprising more than 185 hotel assignments spanning most major markets and all major brands including Hilton, Hyatt, Marriott, and IHG. Quorum provides hotel owners with a personalized, hands-on approach to hotel management focused on driving optimal operating results and return on investment. Core areas of expertise include hotel management, asset management, and advisory services. Today, Quorum Hotels & Resorts manages 2,000 keys across the United States. For more information about Quorum Hotels & Resorts visit quorumhotels.com.
About Somera Capital Management
Somera Capital Management was founded in 1994 to acquire and manage value-added real estate investments on behalf of its principals and accredited investor partners. With 28 years of commercial real estate investment experience across multiple sectors and geographic regions, Somera has sponsored over 120 investments totaling more than $2.5 billion in transaction volume. Somera's investment strategy centers on properties that are well-located with sound physical and economic fundamentals, are able to generate attractive distributions, and have value-add potential through recapitalization or repositioning.
Since its inception, 30% of Somera's acquisitions have been in hospitality which is the largest segment of the portfolio. Today, Somera continues to invest capital and actively manages more than two dozen projects in a portfolio valued at more than $900 million. To learn more about Somera visit someracapital.com.
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Quorum Hotels & Resorts
SOURCE Quorum Hotels & Resorts