Hotel real estate private equity firm TQP Capital Partners will become a minority stakeholder in third-party hotel management company Hostmark Hospitality Group.
TQP Principal Thomas Prins will join Schaumburg-based Hostmark as a minority partner. Prins will be responsible for new business development on behalf of Hostmark and TQP Capital Partners, according to a statement released by TQP.
Financial terms of the investment were not disclosed.
"We were looking to align TQP Capital Partners with a proven operator that shares many of our core values to work together to successfully execute the business plans for the hotel assets TQP Capital acquires," Prins said in the statement. "We expect to accelerate Hostmark's growth by using our capital and LP relationships to develop and acquire hotels and resorts."
Hostmark manages resort and hotel properties around the world, including properties under the brands of Marriott, Hilton, IHG, Wyndham and Choice, as well as independently owned properties. The company, which was founded in 1965, manages more than 20 properties and nearly 3,500 rooms in North America. Locally, Hostmark manages the Pheasant Run Resort in St. Charles and the Holiday Inn Express Chicago Northwest in Arlington Heights, as well as three hotels in downtown Chicago and the Carnivale Restaurant in Chicago's West Loop, according to the company's website.