Harrisburg, Penn.-based HHM, the management and development affiliate of hotel real estate investment trust Hersha Hospitality Trust, have announced plans to acquire Urgo Hotels & Resorts.
According to a news release announcing the deal, Urgo will become a wholly owned subsidiary of HHM. The founders of Urgo — which also focuses on hotel management and development — will become HHM shareholders once it closes, which is expected to happen in the third quarter of this year. The combined company will have a portfolio of 235 hotels and expand HHM’s presence into Canada for the first time and several new U.S. markets.
“We are excited to work alongside the outstanding leaders at Urgo who share an entirely consistent culture and set of values with HHM, especially in how we work with owners and prioritize our team members,” HHM President and CEO Naveen P. Kakarla said in the news release. “And together we will continue to focus on building enhanced capabilities and services for our…