US: CWS Corporate Housing has entered into an agreement to acquire its competitor Gables Corporate Accommodations [GCA] from its parent company Gables Residential.
The investment expands the national footprint for Texas-based CWS Corporate Housing while “providing exclusive access to more apartment homes than anyone in the US market”, the company says.
“CWS Corporate Housing is growing,” said Tracy Hayes, founder and president of CWS Corporate Housing. “With the addition of Gables Corporate Accommodations to our current portfolio we are positioned for greater growth opportunities, which will allow for further investment in the company ensuring our ability to deliver even better service to our clients.”
Pam Wade, vice president of Gables Corporate Accommodations said: “I have the utmost respect for CWS Corporate Housing, and what they have built. Our companies share a similar culture, and I am truly excited about the opportunities available to our associates and our clients as we move forward together driven to be the best corporate housing company in the industry.”
CWS Corporate Housing will now have exclusive access to 46,000 apartment homes in 165 communities across 17 US markets plus access to many of the 15,000 third-party-owned apartment homes managed by Gables Residential.
CWS Corporate Housing currently has offices in Austin/Round Rock, Dallas/Fort Worth, Houston, Midland/Odessa, San Antonio, Charlotte, Raleigh, Atlanta, and New Orleans. With the addition of Gables Corporate Accommodations, the footprint expands to Seattle, Denver, Washington D.C./Virginia, Boston, and Florida.
“With all of the changes occurring in the short-term rental space, we believe that a larger company has more opportunities for success in this very competitive environment.” said Dennis Rainosek, senior vice president of portfolio management for Gables Residential. “However, bigger is not always better. We felt strongly that any transaction required like values and a similar company culture for both our clients and our associates. We recognised that CWS Corporate Housing was the company in the industry whom we would best align with on both of these fronts.”
Hayes added, “Bringing the best of the best together is a competitive advantage for us as we can provide significant benefits to our corporate clients. Combining resources brings together inherent efficiencies, reduces infrastructure overhead, and allows us to focus even more on our service deliverables across the country. Ultimately, we are looking to set the standard for our industry, and this acquisition puts us in the best position to be the corporate housing provider of choice.”
CWS Corporate Housing will assume ownership once the sale is closed, which is anticipated by the end of November.
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