Stonebridge Cos. Acquires Las Vegas DoubleTree by Hilton Hotel
The purchase represents the firm’s continued focus on strategic growth throughout the U.S.
Stonebridge Cos., a privately owned, nationally recognized, innovative hotel owner, operator and developer headquartered in Denver, acquired the DoubleTree by Hilton Hotel Las Vegas Airport, marking Stonebridge’s expansion into the Las Vegas market.
DENVER — Stonebridge Cos., a privately owned, nationally recognized, innovative hotel owner, operator and developer headquartered in Denver, acquired the DoubleTree by Hilton Hotel Las Vegas Airport, marking Stonebridge’s expansion into the Las Vegas market.
“We are excited to continue our growth with the recent acquisition of the DoubleTree Las Vegas Airport hotel. Our new partnership with TowerBrook Capital Partners and other private investors provides us a tremendous platform for us to achieve our significant growth plans throughout the U.S. and this acquisition is the first of many going forward,” said Tom Brinkman, president and chief operating officer of Stonebridge Cos. “Through our growth, we look forward to not only creating new jobs but also providing our team members exciting new opportunities, and we look forward to welcoming our newest team members at the DoubleTree to our Distinguished Hospitality team here at Stonebridge.”
Stonebridge Cos. will serve as the property operator of the full-service hotel, located at 7250 Pollock Drive, just minutes from both the Harry Reid International Airport and the Las Vegas Strip. Renovations planned for the 190-key hotel, built in 1998, include a refresh of guest rooms and common areas, as well as Stonebridge instilling the Distinguished Hospitality brand, which guides the company’s values further enhancing the team member and guest experience. Work is anticipated to begin in the second quarter of 2023, with completion anticipated in the fourth quarter of 2023.
“The Las Vegas DoubleTree acquisition allows Stonebridge to step into a cash-flowing asset with renovation upside at an attractive all-in basis and represents our commitment to growing our national footprint,” said Steve Kakaty, chief investment officer of Stonebridge Cos. “We are excited to be establishing a presence in the dynamic Las Vegas market and believe our execution of the planned renovation program will position the hotel as one of the premier branded hotel offerings in the Las Vegas airport submarket.”
With a current portfolio of 12,000-plus rooms nationwide, Stonebridge Cos. is actively pursuing new expansion opportunities.
About TowerBrook
TowerBrook Capital Partners is a purpose-driven, transatlantic investment firm that works to grow and improve large and middle-market businesses by partnering with management teams and employees to build excellent companies that make a positive impact on society. Since inception in 2001, TowerBrook has raised a total of $18.9 billion and invested in more than 90 companies on both sides of the Atlantic. TowerBrook operates as a single, unified team of experienced investment professionals focused on unlocking value in complex situations. The firm’s highly synergistic family of funds make control and noncontrol investments across the capital structure, providing capital and resources to transform the capabilities and prospects of its portfolio companies.
As a disciplined investor with a commitment to fundamental value, TowerBrook seeks to deliver superior, risk-adjusted returns to investors on a consistent and responsible basis. TowerBrook is the first mainstream private equity firm to be certified as a B Corporation. B Corporation certification is administered by the non-profit B Lab organization and is awarded to companies that demonstrate leadership in their commitment to environmental, social and governance (ESG) standards and responsible business practices.
For more information, please visit www.towerbrook.com.