NEW YORK—Real estate investment and hospitality management company Highgate has taken over management of Trust Hospitality’s portfolio assets, comprising 22 hotels and resorts—approximately 3,100 rooms—throughout the U.S., Caribbean and Latin America. The portfolio includes a combination of existing and under-development hotels and resorts.
This transaction increases Highgate’s footprint in the Caribbean and Latin America. Trust CEO Richard Millard and Partner/Head of Development Michael Register will join Highgate to lead business development and owner relations efforts in the region.
As part of the Highgate platform, the Trust team will leverage their experience in the Caribbean and Latin America, and the benefits of Highgate’s scale, to significantly grow their presence across both branded and independent hotels.
“We are thrilled to be partnering with Richard and Michael as we continue to grow in key Caribbean and Latin America countries, and in the destination resort market broadly,” said Richard Russo, principal at Highgate. “Over the past few months, we have accelerated the pace of Highgate’s growth through individual hotel additions, portfolios additions and strategic M&A.”
He continued, “We will continue to pursue opportunities to collaborate with talented management teams who can benefit from integrating into the Highgate platform and contribute to our objective of providing best-in-class services, innovated operating capabilities and a compelling value proposition for our partners and key stakeholders.”
“When deciding who to pass along the company that I founded and spent the past 30 years building, I was drawn to Highgate for their entrepreneurial spirit and strong owner-minded culture,” said Millard. “I look forward to working with Highgate and leveraging the tools and resources they have at their disposal to help the firm expand its footprint in the region. I couldn’t be more excited for my team and myself as we embark on the next stages of our careers with Highgate.”
This is the second major transaction for Highgate within the last couple of weeks, following the acquisition of six Colony Capital portfolios valued at $2.8 billion.
“As the hospitality industry focuses on recovery, we recognize and are grateful for the opportunity to thoughtfully continue our expansion,” said COO Steve Barick. “We look forward to continuing to partner with like-minded owners and management companies, and welcome both the Trust employees and the owners of its hotels into the Highgate family.”