Global private equity investor Advent International Corp. agreed to acquire a majority ownership interest in third-party hotel operator Aimbridge Hospitality for an undisclosed sum.
Private equity firm Lee Equity Partners and global growth equity firm General Atlantic will sell the stake in a deal expected to close by February.
Aimbridge's senior management team will continue to lead the company and will keep a "meaningful equity stake" in the business, according to a release.
Aimbridge's management portfolio includes approximately 800 upscale, independent and branded hotels with more than 100,000 rooms in the U.S., Canada and the Caribbean, making it North America's top third-party hotel operator, Advent said in the release.
The company offers property management, asset management, development, renovation and consulting services to several hoteliers, including Marriott, Hilton, Hyatt, InterContinental Hotels Group and Wyndham.