May 20 (Bloomberg) -- Brookfield Asset Management Inc., Canada’s biggest manager of alternative assets, bought Thayer Lodging Group, a closely held investor in hotels including a Ritz-Carlton and a JW Marriott in San Francisco.
The acquisition was completed last week following negotiations that started in November, said Bruce Wiles, chief operating officer at Annapolis, Maryland-based Thayer Lodging, which will operate as a unit of Toronto-based Brookfield. Wiles wouldn’t disclose the purchase price.
Thayer’s seven funds have made 43 hotel investments for total acquisition costs of about $2.5 billion since the company’s 1991 founding, according to Wiles. The 12 properties it currently owns include the Hilton Los Cabos in Mexico and four hotels in Miami, according to its website.
“This transaction will provide us with ample resources to grow our business,” Wiles said in a telephone interview. “The competition for hotel assets has been pretty keen lately. We do value-add work, we take large assets that aren’t performing well and turn them around. With Brookfield we are at a much better vantage point.”
Andrew Willis, a Brookfield spokesman, declined to comment on the purchase.
The Wall Street Journal reported the Thayer transaction on its website earlier today.
Brookfield has about $175 billion under management, according to its website. Its real estate holdings include the former World Financial Center in Manhattan, now called Brookfield Place New York, and Bank of America Plaza in Los Angeles.
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