US: Tech-enabled management company Life House has acquired the management contracts of IMPRINT Hospitality’s portfolio, which comprises properties across the West Coast.
The hotels, which include properties in New Mexico, California and Colorado, will continue operating with the existing independent branding. Life House will explore opportunities to reposition elect properties to one of its current or future lifestyle brands.
The transaction marks the first M&A activity from Life House this year. Several more are expected to close later in 2021. Life House has five additional deals under contract across the West Coast.
“We are thrilled to finalise this transaction with IMPRINT Hospitality and their experienced management team and happy to be able to help solve problems for hotel owners and our peers in the industry during these difficult times,” said Rami Zeidan, founder and CEO of Life House. “Matt and Alex have been great to work with and we are excited to expand our presence in Colorado following the opening of our Denver hotel while entering strategic submarkets in California and New Mexico.”
Alexandra Walterspiel, managing partner of IMPRINT Hospitality, added: “We are pleased to have identified a like-minded and forward-thinking partner in Life House who has the ability to materially improve the performance of our portfolio. As we’ve become more familiar with Life House and their value proposition, it’s clear they are the right partner to manage our unique hotels and in so doing, providing our team with additional bandwidth to focus on future real estate transactions in our target markets” added Matt Seim, Managing Partner of IMPRINT Hospitality.”
In January 2020, Life House closed a $30 million Series B funding round and is actively seeking other M&A opportunities in the lifestyle hotel space.
The deal with IMPRINT was facilitated by Destination Capital, a Denver-based real estate advisory firm led by Bryan Auchterlonie.