Connecticut-based Waterford Hotel Group has merged with Chicago-based Maverick Hotels & Restaurants in a deal that expands the combined company’s portfolio to more than 50 properties across the eastern U.S., south central and Midwest regions.
The Waterford-based hospitality management company announced the merger last week.
Waterford Hotel Group, founded in 1986, manages hospitality properties including full-service hotels, select-service properties, conference centers and boutique inns.
Its Connecticut portfolio includes the Sheraton Hartford Hotel at Bradley Airport, Hyatt House Windsor, Marriott Hartford Downtown and DoubleTree by Hilton Hartford Downtown, along with properties in Cromwell, Shelton and Milford.
Maverick’s properties span from New England to the Midwest, with a significant concentration in Chicago. The additions include Marriott and Hilton-branded hotels, convention centers and New England inns, complementing Waterford’s existing portfolio of full-service hotels and boutique properties.
Waterford and Maverick will continue to operate “side-by-side” during the integration, according to Waterford.
“The leadership teams of both organizations will remain fully in place, with no leadership changes planned as part of this merger,” Len Wolman, chairman and CEO of Waterford Hotel Group, told the trade publication Hotel Management.
“Throughout this process, our teams will work collaboratively to determine the best way to fully integrate the companies in a manner that is minimally disruptive and focused on creating meaningful value enhancement for our combined owners,” Wolman added.
The merged company is pursuing new acquisitions, management contracts and redevelopment projects in high-demand markets, according to the announcement.
The deal comes about three months after Waterford expanded into the Baltimore market, taking over management of the 142-room Aloft Arundel Mills and the 147-room Element Arundel Mills, both near Baltimore/Washington International Thurgood Marshall Airport. That acquisition brought Waterford’s portfolio to nearly 40 properties.
Meantime, on Monday, Waterford announced it has taken over management of five additional hotels in New Orleans — Hotel Le Marais, Hotel Mazarin, The Jung Hotel & Residences, The Rubenstein Hotel and the French Quarter Courtyard Hotel — further extending the company’s reach.
The properties are part of The J Collection of Hotels, and Waterford now oversees 11 of the collection’s properties across New Orleans.
