DUBLIN, Ireland and ARLINGTON, Va., Jan. 29 /PRNewswire/ -- Sorrento Asset Management, a Dublin-based, privately held, investment group, today announced that it has acquired BridgeStreet Worldwide, a leading international provider of corporate housing (referred to as serviced apartments throughout Europe), from Interstate Hotels & Resorts for approximately $40.5 million.
"Over the last several years, BridgeStreet has operated a number of our properties in Europe and the United States. As we became familiar with their strengths, we saw the strategic opportunity to combine our global real estate activity with BridgeStreet's proven management team," said Bryan Turley, Sorrento's chief executive officer. "The combination into a single organization will translate into significant synergies, and creates additional opportunities for BridgeStreet. We see BridgeStreet, which will be our management division, as a catalyst for strategic growth. In addition to operating our current properties, we will continue to pursue strategic acquisitions in key U.S. and European markets."
"Our partnership with Sorrento will open doors to multiple capital sources, which will allow us to fund our ongoing and future growth plans," said Lee Curtis, president and newly named CEO of BridgeStreet. "We remain commited to our clients and associates and are very enthusiastic about the opportunities this merger brings to both. We will remain a U.S.-based company, with our full management team remaining in northern Virginia."
Turley noted that BridgeStreet had successfully implemented a major turn- around program over the past few years. "Curtis and his team have re- energized the company by concentrating on high potential, tier-one markets, by increasing revenues and profitability and through significantly expanding their global accounts. We foresee significant upside growth potential."
In 2006, BridgeStreet introduced a number of client-friendly programs, including enhanced guest service packages in major markets, a state-of-the- art, integrated supplier management tool, a new luxury bedding program and the industry's first mapping and point of interest Web-based tools. As a result, guest satisfaction scores rose more than 17 percent.
The acquisition was financed by Credit Suisse, and Cantor Fitzgerald and DLA Piper acted as financial and legal advisor to Sorrento, respectively.
Based in Dublin, Ireland, Sorrento Asset Management is a leading provider of wealth management products and services, focused primarily on return on equity transactions. Formed in 2004, Sorrento's strength comes from its ability to structure high quality, off-market residential and commercial property transactions with guaranteed yields and full management, giving investors turn-key investment solutions. The company's investment products and services include a significant property portfolio in the U.K., Ireland, Europe and the U.S., structured products and private finance transactions, equity investments and pre-and post-retirement funds.
Contact: Jerry Daly or Carol McCune Daly Gray Public Relations (Media) (703) 435-6293
BridgeStreet Worldwide
