Thomas Prins, principal of TQP Capital Partners, a hotel real estate private equity firm focused on value-add and opportunistic investments, has joined Schaumburg, Illinois-based Hostmark Hospitality Group, a leading third-party hotel management company, as a minority partner. In his new role, Prins will be responsible for new business development on behalf of Hostmark and TQP Capital Partners.
The affiliation of the two businesses will begin immediately. The financial terms of the transaction 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. “We look forward to supplementing Hostmark’s history, capabilities, bench strength and expertise in managing independent and soft-branded hotels. We expect to accelerate Hostmark’s growth by using our capital and LP relationships to develop and acquire hotels and resorts.”
Founded in 1965, Hostmark manages full-service, select-service, resort and independent properties worldwide. The company currently manages over twenty properties and nearly 3,500 rooms across North America. Hostmark works with leading brands including Marriott, Hilton, IHG, Wyndham and Choice, as well as a diversified group of experienced hotel owners and investors.
Prins co-founded Gemstone Hotels & Resorts, a premier operator specializing in independent, urban boutique and luxury resort hotels. Over the course of three decades, Gemstone managed more than 100 properties, differentiating itself by creating custom tailored business plans for each asset. The company founded one of the industry’s first digital in-house marketing firms, GCommerce Solutions.
“As we embark on our next growth phase, Thomas and his TQP Capital platform will help us exceed owner expectations, augment our robust pipeline and lead us to new opportunities,” said Jerome Cataldo, president and CEO, Hostmark Hospitality Group. “The relationship builds upon recent additions to Hostmark’s management portfolio which includes the award-winning Perry Hotel in Key West, the award-winning Merrill Hotel and Conference Center in Iowa and the under-construction Higgins Hotel, a Curio Collection by Hilton property in New Orleans.”