US: Serviced accommodation provider Synergy Global Housing is set to acquire Primestone Housing Solutions from advisory and housing firm Primestone Partners for an undisclosed amount.
Primestone Housing Solutions arranges extended-stay housing for corporate clients. It is one of three businesses operated by parent company Primestone Partners.
With the acquisition, Synergy will open up new relationships with multifamily property managers and owners in the New York, the Southeast, and additional regions in the United States.
The transaction follows news that Synergy will be opening in Texas on 2 January 2024.
“Synergy and Primestone have been supply chain partners on scores of transactions in recent years, creating a natural fit for our two companies,” said Henry Leubbert, co-founder of Synergy. “By leveraging Synergy’s scale and Primestone’s relationships, this transaction will be highly accretive for our company and will provide our clients with access to a host of new apartment options nationwide.”
Bruce Witherell, CEO of Primestone Partners, said: “This transaction allows us to focus our attention and resources on our core technology business. Our housing solutions clients will benefit from Synergy’s global reach, expansive inventory and the breadth of its programs and services. Our multifamily partners will see a substantial uptick in reservation flow from Synergy’s industry-leading sales force and substantial client base. Synergy has been a great partner, and we will continue to look for new ways to work together in the future.”
