Thayer Lodging Group, the Annapolis-based private equity firm founded by former Marriott International executives, was purchased by a property-investment firm, the companies confirmed Tuesday.
Brookfield Asset Management, which is based in Toronto, bought Thayer for an undisclosed amount of money.
The deal “matched both companies’ goals very well,” said Bruce Wiles, chief operating officer of Thayer Lodging Group, which has invested roughly $2.4 billion in more than 40 hotels. “From our perspective, it gave us much better access to capital.”
For Brookfield, which manages $175 billion in assets, the purchase offers an opportunity to beef up its hospitality business. Andrew Willis, a spokesman for the company, declined to comment on the deal.
Thayer was founded in 1991 by Frederic V. Malek, formerly president of Marriott Hotel and Resorts and Northwest Airlines, and Leland Pillsbury, an executive vice president at Marriott. The company’s investment funds currently own 14 hotels, including the Fairview Park Marriott, Annapolis Marriott Waterfront and Hyatt Dulles. Thayer is also part-owner of Interstate Hotel & Resorts, an Arlington-based hotel management company.