Industry Update
Press Release 5 October 2020

Highgate Growth Continues with Addition of 22 Lifestyle Properties In The U.S., Caribbean and Latam

Trust Hospitality acquisition among the latest in portfolio announcements amid pandemic

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Highgate Hotels

NEW YORK - Leading real estate investment and hospitality management company Highgate announced today it has assumed management of Trust Hospitality's portfolio assets, comprised of 22 hotels and resorts - approximately 3,100 rooms - throughout the U.S., Caribbean and Latin America. The portfolio includes a combination of existing and under development hotels and resorts.


This transaction increases Highgate's footprint in the Caribbean and Latin America, and will enable the company to be the leading hotel manager in the region. Trust CEO Richard Millard and Partner/Head of Development Michael Register will join Highgate to lead business development and owner relations efforts in the region.

As part of the Highgate platform, the Trust team will leverage their deep experience in the Caribbean and Latam, and the benefits of Highgate's scale, to significantly grow their presence across both branded and independent hotels.

"We are thrilled to be partnering with Richard and Michael as we continue to grow in key Caribbean and Latin America countries, and in the destination resort market broadly," said Richard Russo, Principal at Highgate. "Over the past few months we have accelerated the pace of Highgate's growth through individual hotel additions, portfolios additions, and strategic M&A."

Russo continues: "We will continue to pursue opportunities to collaborate with talented management teams who can benefit from integrating into the Highgate platform, and contribute to our objective of providing best-in-class services, innovated operating capabilities, and a compelling value proposition for our partners and key stakeholders."

"When deciding who to pass along the company that I founded and spent the past 30 years building, I was drawn to Highgate for their entrepreneurial spirit and strong owner-minded culture," said CEO of Trust Hospitality Richard Millard. "I look forward to working with Highgate and leveraging the tools and resources they have at their disposal to help the firm expand its footprint in the region. I couldn't be more excited for my team and myself as we embark on the next stages of our careers with Highgate."

Currently operating 160 hotels and resorts, and over 45,000 rooms worldwide, Highgate continues to receive global recognition for its hospitality-forward thinking, contemporary programming and digital innovation. The company is committed to expanding its portfolio of award-winning properties throughout 2020 and beyond.

"As the hospitality industry focuses on recovery, we recognize and are grateful for the opportunity to thoughtfully continue our expansion," said Chief Operating Officer Steve Barick. "We look forward to continuing to partner with like-minded owners and management companies, and welcome both the Trust employees and the owners of its hotels into the Highgate family."

About Highgate

Highgate is a leading real estate investment and hospitality management company widely recognized as an innovator in the industry. Highgate is the dominant player in major U.S. gateway cities including New York, Boston, Miami, San Francisco and Honolulu, with a growing Caribbean and Latin America footprint. The hospitality forward company provides expert guidance through all stages of the property cycle, from planning and development through recapitalization or disposition. Highgate has a proven record of developing its diverse portfolio of bespoke lifestyle hotel brands, legacy brands, and independent hotels and resorts with contemporary programming and digital acumen. The company utilizes industry-leading revenue management tools that efficiently identify and predict evolving market dynamics to drive outperformance and maximize asset value. With an executive team consisting of some of the most experienced hotel management leaders, the company is a trusted partner for top ownership groups and major hotel brands. Highgate maintains corporate offices in New York, Chicago, Dallas, London, Miami, and Seattle.

Richard Russo
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