THIS IS A LARGE , INVESTABLE UNIVERSE THAT WE , FOR A NUMBER OF REASONS , HAVEN ’ T SPENT MUCH TIME IN , AND WE REALLY THINK IT MERITS MORE CONSIDERATION . THE REAL QUESTION WAS , HOW ?
Kenne leads KSL into n
INVESTMENT
THIS IS A LARGE , INVESTABLE UNIVERSE THAT WE , FOR A NUMBER OF REASONS , HAVEN ’ T SPENT MUCH TIME IN , AND WE REALLY THINK IT MERITS MORE CONSIDERATION . THE REAL QUESTION WAS , HOW ?
– GREG KENNEALEY
KSL Capital Partners , Denver , is known for its expertise in the luxury space , but for a number of years was actually looking at the extended-stay and limited-service segments , and just couldn ’ t get a portfolio launched , until now . In August , after having more time to think during COVID , the private equity firm launched Mission Hill Hospitality , a portfolio company created to acquire selectservice and extended-stay hotels . By late August , Mission Hill Hospitality had acquired 12 hotels and further growth will come via one-offs or even portfolio deals , according to Mission Hill CEO Greg Kennealey , who spoke to HOTELS in late summer .
“ Like many groups , once we protected our people and cash flow during COVID , we started to shift to look at what else we could do coming out of this at some point ,” Kennealey says . “ Extended-stay and select-service in any given year represents roughly one-third of the transaction volume in United States … This is a large , investable universe that we , for a number of
48 hotelsmag . com November / December 2021