BridgeStreet Worldwide has changed hands following a purchase by Dublin-based Sorrento Asset Management.
Sorrento, a privately held, investment group, acquired the serviced apartments group from Interstate Hotels & Resorts for around $40.5 million.
“Over the last several years, BridgeStreet has operated a number of our properties in Europe and the US. As we became familiar with their strengths, we saw the strategic opportunity to combine our global real estate activity with BridgeStreet’s proven management team,” said Bryan Turley, Sorrento’s chief executive officer.
“The combination into a single organisation will translate into significant synergies, and creates additional opportunities for BridgeStreet. We see BridgeStreet, which will be our management division, as a catalyst for strategic growth. In addition to operating our current properties, we will continue to pursue strategic acquisitions in key US and European markets.”
Lee Curtis, president and newly named CEO of BridgeStreet, said: “Our partnership with Sorrento will open doors to multiple capital sources, which will allow us to fund our ongoing and future growth plans.
“Our operational market structure throughout the United States, the United Kingdom and France will continue to work as they have in the past.”
BridgeStreet Worldwide and its network of Global Partners offer around 10,000 corporate apartments worldwide.
Sorrento Asset Management’s investment products and services include a significant property portfolio in the UK, Ireland, Europe and the US.
By Bev Fearis
