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Aimbridge Hospitality

active

Real Estate / Hotels — Advent International

Deal Terms

Entry Year2019
Entry EV$1B
Entry Multiple10x
Leverage5x
Debt Amount$0.5B

Risk Metrics

LTV (est.)50%
Debt / EV0.50x

Notes

Advent-backed hotel management company. Merged with Interstate Hotels to become world's largest third-party hotel operator (1,500+ properties). Asset-light model: manages hotels without owning real estate. COVID devastated hotel operations. PE loves asset-light management companies — fees keep flowing even when hotel owners lose money.

Sponsor

Advent International$90B AUM