NEWPORT BEACH, Calif., Oct. 7, 2022— Somera Capital Management, a California and D.C. based investment firm, announced today the formation of its latest partnership and the acquisition of Dallas-based hotel management company Quorum Hotels & Resorts.
With more than a 20-year relationship between Somera and Quorum principals as the foundation, the acquisition presented a natural evolution. The purchase will not only provide a comprehensive management solution for Somera’s current hotel assets, but also position the company for future growth as it seeks to capitalize on market conditions for both its investors and partners.
“We have well established regard for the culture and talent of Quorum and look forward to continuing the legacy for our associates, partners, and guests alongside a growing portfolio,” said CEO David Brown. “We congratulate the founding partners on their 35 years of success and thank them for the opportunity to work with such a dedicated, dynamic, and talented leadership team in this new chapter.”
The new ownership group brings together more than 75 years of industry experience across all brands, segments, and disciplines and will be led by President, Todd Moreau. Moreau previously led a top California-based hotel management company as Chief Operating Officer through a decade of notable growth marked by the expansion of its diverse portfolio of branded and independent upscale, lifestyle hotels.
“The industry has experienced strength and resilience in its recovery over the past two years. In that time, we have also seen a significant increase in merger and acquisition activity in the third-party management space. We believe the relationships we cultivate with our partners, our attention to detail on all key performance factors, and our genuine, experience-focused culture will remain the differentiators for Quorum,” said President Todd Moreau.
Quorum Hotels & Resorts currently operates properties in Texas, California, Arizona, South Carolina, Georgia, and Kentucky. Quorum will maintain corporate headquarters in both Dallas, Texas, and Newport Beach, California, positioned to support its geographically diverse, growing portfolio of hotels. Learn more about Quorum Hotels & Resorts at quorumhotels.com.