Thomas Prins Joins Hostmark Hospitality as Minority Partner
SCHAUMBURG, Ill.--(BUSINESS WIRE)--Mar 18, 2019--Thomas Prins, principal of TQP Capital Partners, a hotel real estate private equity firm focused on value-add and opportunistic investments, today announced that he has joined Schaumburg, Ill.-based Hostmark Hospitality Group, a leading third-party hotel management company, as a minority partner. In his new role, Prins will be responsible for new business development on behalf of Hostmark and TQP Capital Partners.
The affiliation of the two businesses will begin immediately. The financial terms of the transaction were not disclosed.
“We were looking to align TQP Capital Partners with a proven operator that shares many of our core values to work together to successfully execute the business plans for the hotel assets TQP Capital acquires,” Prins stated. “We look forward to supplementing Hostmark’s history, capabilities, bench strength and expertise in managing independent and soft-branded hotels. We expect to accelerate Hostmark’s growth by using our capital and LP relationships to develop and acquire hotels and resorts.”
Founded in 1965, Hostmark manages full-service, select-service, resort and independent properties worldwide. The company currently manages over twenty properties and nearly 3,500 rooms across North America. Hostmark works with leading brands including Marriott, Hilton, IHG, Wyndham and Choice, as well as a diversified group of experienced hotel owners and investors.
Prins co-founded Gemstone Hotels & Resorts, a premier operator specializing in independent, urban boutique and luxury resort hotels. Over the course of three decades, Gemstone managed more than 100 properties, differentiating itself by creating custom tailored business plans for each asset. The company founded one of the industry’s first digital in-house marketing firms, GCommerce Solutions.
“As we embark on our next growth phase, Thomas and his TQP Capital platform will help us exceed owner expectations, augment our robust pipeline and lead us to new opportunities,” said Jerome Cataldo, president and CEO, Hostmark Hospitality Group. “The relationship builds upon recent additions to Hostmark’s management portfolio which includes the award-winning Perry Hotel in Key West, the award-winning Merrill Hotel and Conference Center in Iowa and the under-construction Higgins Hotel, a Curio Collection by Hilton property in New Orleans.”
About Hostmark Hospitality Group
As a preferred, award-winning hotel management company for Marriott, Hilton, Starwood and IHG, Hostmark Hospitality Group consistently delivers superior results to institutional real estate owners, non-institutional ownership groups, publicly traded companies, joint ventures and privately held companies by providing hotel management, asset management, project management and lender consulting services. Hostmark Hospitality Group also offers specialized programs for CMBS special servicers and balance sheet lenders managing under-performing hotel loans. Additionally, Hostmark Hospitality Group has acted as court appointed receiver and operator in more than 170 foreclosed properties. Through a focus on the Art of Service, Hostmark’s Artists continually strive to provide memorable moments for guests and to enhance performance to deliver superior results. With over 50 years of experience managing hotels, resorts, conference centers, boutique concept hotels, condominium hotels and restaurants, the company has a proven longstanding reputation for delivering superior results through forward focused ingenuity and exceptional asset management. Visit www.hostmark.com for more information.
About TQP Capital Partners:
TQP Capital Partners (“TQP”) was founded by Thomas Prins to develop and acquire hotels. TQP raised a GP fund with the intent of acquiring and developing hotels and resorts, leveraging its powerful origination and execution capabilities. TQP grew up in the high-end, independent, luxury market and cut its teeth on acquiring, financing, developing and operating complex resorts. The company applies those principals to all different types of hotels with great success.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190318005119/en/
CONTACT: Chris Daly, Media
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: TRAVEL LODGING PROFESSIONAL SERVICES CONSULTING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Hostmark Hospitality Group
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PUB: 03/18/2019 09:05 AM/DISC: 03/18/2019 09:05 AM