An affiliate of KSL Capital Partners (KSL), an investor in travel and leisure businesses, has launched Mission Hill Hospitality, a portfolio company created to acquire select service and extended stay hotels. To date, Mission Hill Hospitality has acquired 12 hotels.
KSL historically has focused on full-service hotels, particularly in leisure destinations generally supported by a mass affluent consumer. Mission Hill Hospitality represents an opportunity to invest in select service and extended stay hotels, which, according to CoStar data, is the fastest growing segment of the hospitality industry, accounting for approximately one-third of all the transaction volume in hotels in the US.
“Mission Hill Hospitality was created as a platform to focus on select service and extended stay properties and development opportunities in markets with strong long-term fundamentals and the potential to add value,” says John Ege, Partner at KSL. “Under the direction of Mission Hill CEO Greg Kennealey, who has played a key role in driving value in KSL’s hotel investments for over a decade, we expect Mission Hill to quickly become an industry leader. We are excited to have Greg at the helm.”
“I am honoured for the opportunity to lead Mission Hill Hospitality, and greatly appreciate KSL’s confidence and support. KSL’s long history in hospitality investing provides a solid foundation as we launch the platform and actively grow the portfolio,” says Kennealey. “We are building an experienced, dedicated select service team that can leverage relationships with owners, managers, brands and developers, allowing Mission Hill Hospitality to create the highest quality portfolio of hand-picked assets.”
