US: Private equity firm KSL Capital Partners has launched Mission Hill Hospitality, a portfolio company created to acquire select service and extended stay hotels.
KSL has historically focused on full-service hotels. Mission Hill Hospitality, which has acquired 12 hotels so far, will focus on select service and extended stay hotels, the latter being fastest growing segment of the hospitality industry, accounting for approximately one-third of all the transaction volume in hotels in the US.
“Mission Hill Hospitality was created as a platform to focus on select service and extended stay properties and development opportunities in markets with strong long-term fundamentals and the potential to add value,” said John Ege, partner at KSL. “Under the direction of Mission Hill CEO Greg Kennealey, who has played a key role in driving value in KSL’s hotel investments for over a decade, we expect Mission Hill to quickly become an industry leader. We are excited to have Greg at the helm.”
“I am honoured for the opportunity to lead Mission Hill Hospitality, and greatly appreciate KSL’s confidence and support. KSL’s long history in hospitality investing provides a solid foundation as we launch the platform and actively grow the portfolio,” said Kennealey. “We are building an experienced, dedicated select service team that can leverage relationships with owners, managers, brands and developers, allowing Mission Hill Hospitality to create the highest quality portfolio of hand-picked assets.”
