Aimbridge Hospitality Records Strong Portfolio Growth through 2023 Deals
January 19, 2024
PLANO, TX — Aimbridge Hospitality, a leading global hospitality management company and the world’s largest third-party hotel operator, closed 2023 with a strong mix of deals, new market entries, and property reopenings in its global portfolio, continuing to fuel growth and build momentum going into 2024.
“As the industry leader, we know the important and impactful role Aimbridge has in shaping the third-party management space – a space that has clearly emerged as the future of hospitality,” said Mark Tamis, Global President, Aimbridge Hospitality. “Our desire to build the best culture for our associates, strengthen our relationships with our brand partners, and deliver superior performance for our owners remains a constant guiding force. Thanks to our deep market asset-type and brand expertise, organizational scale, and exceptionally trained talent, we’re well-positioned to help both existing and new partners outperform.”
According to a press release, Aimbridge grew its portfolio last year through a combination of management changes, ownership transitions, receiverships, and new build projects across the United States and its two geographic divisions servicing the EMEA and LATAM regions.
“In 2023, we implemented a new global growth plan focused on clear alignment with owners, investors, and brand partners,” stated Allison Reid, chief global growth officer, Aimbridge Hospitality. “Geographical and segment-based deployment, combined with added resources in development executives, data intelligence, and feasibility positioned Aimbridge to provide unparalleled insights, data analytics, and response times. Scale allows us to do things no one else can do and is what helps further differentiate our business model.”
The deals signed and properties added in 2023 represent award-winning destinations, high-end lifestyle hotels in hot markets, and everything in between. Some of those new additions include Morningstar Bouy Haus, an Autograph Collection hotel; The Inn at Rancho Santa Fe; Hyatt House Houston Medical Center and Hyatt Place Houston Medical Center, awarded by Hyatt as the Best New Property of the Year in Select Service; VOCO Fiorello – LaGuardia East; Atlanta Marriott Peachtree Corners; and Holston House Nashville.
Notable Reopenings
Aimbridge reopened a number of properties following noteworthy renovation projects in its expanding full-service, luxury, and lifestyle verticals, overseeing hundreds of millions of dollars invested in some of the most celebrated hospitality destinations. Among them were:
- The return of the Frenchman’s Reef Resort, managed under Aimbridge’s Full Service division, which has been rebranded as the Westin Beach Resort & Spa at Frenchman’s Reef following a $425 million investment and a five-year hiatus due to intensive storm damage in 2017.
- A $50 million renovation and reopening of the historic British Colonial Nassau.
- A $40 million renovation and rebranding of Margaritaville South Padre Island.
- The reopening of the Queen Mary, a retired transatlantic cruise ship-turned hotel managed by Evolution, Aimbridge’s lifestyle division, that underwent numerous upgrades and improvements while still retaining its historic grandeur.
Project Management and Improvements
Renovations and construction projects continue to be an ongoing part of Aimbridge’s managed portfolio, with dozens of properties receiving major renovations or undergoing PIP updates under the purview of the Aimbridge team. With extensive experience in managing all aspects of a hotel’s lifecycle, Aimbridge guides properties and projects from every phase from construction to brand conversions. In 2023, this included breaking ground on the Grand Hyatt Grand Cayman and the Autograph Collection Caruçao, both new builds set to open in 2025; overseeing the Millennium Hotel Minneapolis through a major PIP project and rebrand; and rebranding a recently transitioned portion of its LATAM portfolio to international flags like Sheraton and Holiday Inn.
More projects are on the horizon in 2024, including a 2023 prestigious deal naming Aimbridge as the operator of the Rugby Football Union’s Twickenham Stadium Hotel, which will transition to a Radisson RED property this year.
Market Expansions
Aimbridge’s continued growth trajectory in 2023 included targeted strategies to expand the reach of its EMEA division, including team deployment and other market-specific investments. As a result, Aimbridge EMEA now has a management presence in Georgia, where it manages the Alliance Palace Aparthotel along with a new Eastern European office in Tbilisi, Georgia; and in Spain, managing the Grand Luxor Hotel & Village in the Iberian Peninsula.
Talent Retention & Acquisition
Aimbridge’s ability to recruit and train exceptional talent is a key factor in the company’s success. The operator continues to invest in its people and their career growth by offering extensive training and development opportunities. In 2023 alone, Aimbridge internally promoted 5,200 associates.
Aimbridge cemented itself as the top employer in hospitality, processing nearly 610,000 applications in 2023 and hiring close to 43,000 individuals. In markets where the company has embedded local recruiters, it has narrowed its hiring timeframe to an average of just 10 days; at the same time, it has maintained a 21-day average to hire through traditional means – both methods proving much faster than the industry average of around 40 days.
“Our commitment to growth is not limited to our portfolio,” said Ann Christenson, chief human resources officer. “Our associates are a major part of our success, and another area where we’re making significant investments. With an ongoing focus on recruitment, training, and development, we’ve built an incredible talent pipeline and can meet a wide range of owner’s needs, from placing highly skilled general managers to activating ready-to-deploy transition teams. As we look ahead, we’ll continue to strengthen our culture and create an employment experience unlike any other in the industry.”
