US: BridgeStreet Global Hospitality has been acquired by an affiliate of Philadelphia-based Versa Capital Management for an undisclosed sum.
BridgeStreet, which has more than 50,000 apartments in 60
locations, says the investment, which follows the company's recent rebranding, will "elevate
BridgeStreet's presence and create new opportunities for
development projects and sound long-term growth".
Gregory Segall, CEO of Versa Capital, said: "BridgeStreet recently has made great strides in establishing itself as the leader of serviced apartment experiences worldwide. Now that the company is strongly capitalised, with no third party debt, it is well positioned to accelerate its growth and we look forward to working with the company's strong management team to continue building BridgeStreet's operations and service offerings. By providing travellers worldwide with unparalleled hospitality experiences, delivered through an efficient and customer-centric operating platform, we believe BridgeStreet will create sustainable growth over the long term."
Sean Worker, BridgeStreet CEO, said: "Versa is the ideal owner for our strategy as it is a firm with the resources and expertise to help us continue to build and grow our business. With the recent launch of BridgeStreet Global Hospitality, the brand is thriving, and we expect it will continue to flourish through this new venture with Versa."