Thayer Lodging Group today announced that hotel veteran Bruce Wiles has joined the company as managing director and principal. Concurrently, Thayer said that it has completed the final phase of its previously announced strategic disposition plan with the sale of two hotels and is launching a new growth phase.
"Bruce brings more than 30 years of expertise in the hotel and real estate industries," said Fred Malek, Thayer co-founder and co-chairman. "He has been involved in the creation and success of some of the most pre-eminent hotel companies in the hotel industry and has acquired and divested more than $5 billion in hotel assets."
"He has a strong financial background and a seasoned, strategic eye for acquisitions and repositioning of assets," added Lee Pillsbury, Thayer co- founder and co-chairman. "We believe the timing of Bruce joining the company is perfect, as we think there will be increased opportunities for acquisitions and development that offer significant growth potential over the next three- to five-years."
Previously, Wiles served as chief executive officer of Alcor Acquisition LLC, a hotel investment subsidiary of Blackstone Real Estate. Alcor is the successor company to MeriStar Hospitality Corporation (NYSE:MHX) , a real estate investment trust (REIT), following MeriStar's acquisition by Blackstone.
At MeriStar, he served as president and chief operating officer. He joined the company as chief investment officer for both the REIT and its paper-clipped, sister hotel management company Interstate Hotels and Resorts, following MeriStar's merger with American General Hospitality. He served as executive vice president at AGT.
His background also includes senior positions with Integra-a Hotel and Restaurant Company, Robert W. Pulley and Associates, Ltd., and the accounting firm Peat Marwick.
He was licensed as a Certified Public Accountant and graduated Summa Cum Laude from Georgetown University. He has served on a number of hotel franchise advisory boards and is a frequent speaker at hotel industry events.
"Bruce rounds out our senior management team," Malek noted. "He joins Bill Reynolds, who recently came to Thayer as managing director, principal and chief investment officer, and our two other veteran managing directors and principals, Tom Kammerer and Carroll Warfield.
Sale of Two Hotels
Thayer announced that it has entered into agreements to sell the Plymouth Meeting Doubletree Guest Suites and Richmond Embassy Suites Hotels to a group led by Virginia-based Crescent Hospitality for an undisclosed amount. In addition, the company said it refinanced and will continue to own its Annapolis Marriott Hotel and Bethesda, Md. Residence Inn, which are the remaining assets in Thayer's Lodging Opportunities Limited Partnership (THI I). Formed in 1991, the fund acquired eight hotels. "When closed in mid- April, these transactions will result in a 4.3 times multiple on invested equity and a 34 percent compound rate of return," said Pillsbury. "We are gratified to have achieved such strong results over nearly 16 years and through all phases of the hotel real estate cycle."
The sale and refinancing transactions complete a process started in July 2005, when Thayer perceived historic highs in stabilized hotel assets valuations and executed a plan to take advantage of the market momentum. In 22 months, Thayer has divested approximately $1.8 billion of hotel assets, including the world-class Grande Lakes Resort in Orlando, Fla., the Marriott Wardman Park in Washington, D.C. and a portfolio of eight hotels located in major metropolitan markets.
About Thayer Lodging Group
Thayer Lodging Group is a real estate venture capital operating company that sponsors investment funds specializing in hotel and hospitality investments. Formed in 1991, the company has achieved since its inception more than a 29 percent compound rate of return on more than $1.7 billion of real estate investments.
Logos, product and company names mentioned are the property of their respective owners.