Private investment firm Lindsay Goldberg announced its acquisition of extended-stay owner, operator and franchisor Affordable Suites of America.
NEW YORK--14 January 2019--Lindsay Goldberg, a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses, today announced that it has acquired Affordable Suites of America, Inc. (“Affordable Suites” or the “Company”), a premier owner, operator and franchisor of extended-stay hotels in the Southeastern United States. Terms of the transaction were not disclosed.
Based in Myrtle Beach, South Carolina, Affordable Suites provides long-term, economy-minded travelers with a comfortable and relaxing environment ideal for business and leisure alike. Its hotels offer fully furnished apartment-style suites, complete with a living area and kitchen, separate bedroom and additional amenities. Affordable Suites’ portfolio of hotels is comprised of 20 properties across Georgia, Indiana, North Carolina, South Carolina, and Virginia.
“We are excited to partner with Affordable Suites, a leader in extended-stay lodging throughout the Southeast that is poised for growth,” said Russell Triedman, a Partner at Lindsay Goldberg. “Leveraging our substantial extended-stay hospitality and real estate sector expertise, we plan to build the Company through strategic development and acquisitions.”
Affordable Suites will be led by incoming CEO Gary DeLapp, a successful industry veteran and former CEO of Lindsay Goldberg portfolio company, WoodSpring Hotels Holdings (“Woodspring”). Under Lindsay Goldberg’s ownership, Woodspring executed a highly successful rebranding and renovation campaign, and grew from 179 locations in 2012 to 254 in 2018 when it was acquired by Choice Hotels.
“I am thrilled to lead Affordable Suites and again work closely with the Lindsay Goldberg team,” said Mr. DeLapp. “Affordable Suites is well positioned to capitalize on the tremendous opportunities ahead and will continue to execute on its core mission of providing best-in-class facilities for economy-minded travelers. Lindsay Goldberg has a proven track record of growing and developing properties in the extended-stay space, and I have great respect for the Firm’s team and approach.”
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