Commune Hotels & Resorts and Destination Hotels have merged to create a combined operator of independent and lifestyle hotels and resorts. The company will manage more than 90 properties in seven countries with approximately US$2 billon of total property revenues under management.
Through the merger, each company will strengthen a key portion of its portfolio: Commune brings a broader set of urban offerings across North America, Asia and Europe, while Destination contributes a wide array of resort properties in premier destinations from coast to coast.
“We are thrilled to join with Destination,” said John Pritzker, chairman of Commune. “Their team and the Lowe family share our passion and commitment for offering locally relevant, unique and personal experiences to our guests, while also delivering strong financial results for our property owners. As well, we are fortunate to have such fantastic depth of leadership in both Jamie Sabatier and Niki Leondakis. I am confident that together they will lead the company into a new era.”
The combined company will be based in Denver with offices in San Francisco, New York, Singapore and Shanghai. Moelis & Company LLC is acting as financial advisor to Commune and Destination.