US: National Corporate Housing has acquired BridgeStreet’s agency business in the EMEA and APAC regions.
The acquisition, through an affiliated company, brings additional industry veterans in EMEA and APAC to National’s team. Cara Lingle, SVP of BridgeStreet Global Business Solutions, will continue to lead the BridgeStreet team in EMEA and APAC. Current guests and clients of the agency business being acquired “can expect a swift and smooth transition without disruption”.
“We are excited to work with this talented group of professionals,” said Tom Atchison, National’s CEO. “We know that BridgeStreet’s and National’s service models are highly compatible, and we’re confident that guests and clients alike will benefit from the two organisations coming together.”
The move comes as the company placed its hospitality business in to administration in the UK, and will no longer be offering its own serviced apartments. The company said: “The hospitality business is separate from the agency business and its liquidation will not adversely affect the agency business.”
BridgeStreet was acquired by its former owners, Versa Capital, in 2014. In a filing for Chapter 7 bankruptcy protection in a Virginia court, BridgeStreet said it had less than $10 million in assets but more than $50 million in liabilities. “A variety of obstacles including the acute and continuing effects on BridgeStreet’s business due to the pandemic-driven collapse of corporate and leisure travel, particularly in the United States and the United Kingdom, and adverse legal matters have all severely limited BridgeStreet’s options and impacted the continuity of the enterprise at home and abroad,” said Versa Capital managing director and former BridgeStreet CEO Kamal Advani.
