Geolo Capital, the private equity firm founded and led by John Pritzker, is now the sole owner of Commune Hotels & Resorts after it closed Monday on the remaining 50% interest held by its joint venture partners, the Pomeranc brothers, that was formed in 2011.
Geolo takes six Thompson properties in the deal, including two in New York, the Hollywood Roosevelt in Los Angeles and the Belgraves in London, as well as the Thompson brand name. Not included in the deal are five hotels owned by the Pomerancs: 60 Thompson, Thompson LES and 6 Columbus in New York City; Hotel Victor in Miami Beach; and the Thompson Beverly Hills. These hotels will transition out of Commune management over the next six months with the Thompson LES and Thompson Beverly Hills changing names.
“There was nothing negative or out of ordinary that happened other than that the partnership came to a decision there were different paths they wanted to go down. There were no catalysts,” Niki Leondakis, Commune’s CEO told HOTELS on Monday. “John [Pritzker] felt strongly consolidating ownership would allow us to move forward more nimbly and readily, and with a singular focus. The better alignment of capital and management has obvious benefits.”
At the same time on Monday, the management company overseeing the Joie de Vivre, Thompson and Tommie hotel brands introduced a new executive leadership team joining Leondakis, who said the newcomers have started over the last five months to build the infrastructure to support the organization. Joining the team are:
- Mike Blake, chief information officer, most recently CIO for the Hyatt Hotel Corp.
- Phil Keb, executive vice president, development, who worked in leadership roles for Kiawah Development Partners, The Ritz-Carlton Hotel Co., Hyatt Hotels Corp. and Capella Hotel Group.
- Rick Colangelo, executive vice president, operations, who served as vice president of hotel operations at Kimpton Hotels & Restaurants, among others.
- Jorge Trevino, executive vice president, brand operations, who previously held leadership positions with The Ritz-Carlton Hotel Co. and Kimpton.
- Greg Smith, executive vice president, people services, who worked for Denihan Hospitality and Interstate Hotels, among others.
The San Francisco-based company manages more than 40 hotels and resorts and is focused on international expansion, targeting locations in Asia, Latin America, Europe and the United States. Leondakis said the Roosevelt project in Miami Beach is “full steam ahead,” as are multiple projects in New York City, including two Tommies, as well as a project in Los Cabos, Mexico.
Leondakis added that several deals are in the pipeline and Commune could be announcing more projects within the next 60 days. The company is focused domestically and internationally, specifically Canada, Asia and Europe.