Industry giant Tharaldson sells 130 hotels for $1.2 billion
The Whitehall Street Real Estate Funds has acquired 130 hotels from the Tharaldson family in a $1.2 billion transaction.
The deal was spearheaded by Gary Tharaldson, who founded Tharaldson Motels Inc., the nation’s largest independent hotel management and development company.
Most of the hotels are well-located throughout the United States and, in most cases, represent the strongest branded hotels in each market, according to Whitehall officials.
Tharaldson Property Management Inc., an affiliate of Tharaldson Motels, Inc., will continue to manage the hotels, in addition to its own chain of approximately 200 limited service hotels.
“We are delighted to add these 130 hotels to the Whitehall portfolio and to be initiating a relationship with Tharaldson Property Management. Their team is among the best hotel management groups that we’ve come across in the industry,” said Stuart Rothenberg, a Managing Director of the Goldman Sachs & Co. and the Head of the Real Estate Principal Investment Area which manages Whitehall.
Tharaldson Property Management Inc., which has been managing limited service hotels since 1982, is based in Fargo, ND. The company will continue to be the nation’s largest independent hotel management company.
Tharaldson Property Management presently employs more than 7,000 individuals and manages 350 hotels (25,984 rooms) in 36 states.
The Whitehall Street Real Estate Funds are Goldman, Sachs & Co.’s primary real estate investment vehicle. Goldman Sachs manages Whitehall and is also Whitehall’s largest investor.
Since 1991, Whitehall has invested approximately $14 billion of equity in real estate and other derivative investments with a gross cost basis of approximately $85 billion. Its investments have been made in 21 countries and include interests in real estate assets, portfolio companies, non-performing loans, mezzanine loans and other related products
Report by David Wilkening
David
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