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Thayer Lodging Group, based in Annapolis, Maryland, is a privately held real estate investment company with a portfolio of 14 hotels and over 2,800 guest rooms.
Since July, 2005, Thayer has sold $1.6 billion of assets highlighted by (i) the successful exit of the 1,582-room Grande Lakes Resort in Orlando, Florida in February, 2006 for $753 million, representing a 43% IRR and a 3.8x multiple in Invested Equity, (ii) the successful exit of the 1,338-room Marriott Wardman Park Hotel in Washington, DC in July, 2005 for $300 million, representing a 18.3% IRR and a 2.5x multiple on Invested Equity, and (iii) the successful exit of the Thayer Hotel Investors II Portfolio of 8 hotels and approximately 2,000 rooms in July, 2005 for $266, representing a 29% IRR and a 2.1x multiple on Invested Equity.
Thayer has sponsored five hotel investment funds for a small group of institutional investors. The firm's strategy seeks to drive operating results through a combination of repositioning assets, re-branding, strengthening management, and making capital improvements in owned hotels. Its nationwide portfolio includes hotels operating under the Marriott, Hilton, Wyndham, and Six Continents family of flags, Thayer manages eight of those owned hotels. Thayer currently has approximately 115 million in uncommitted equity in its $233 million hotel investment fund, Thayer Hotel Investors IV, with which it is seeking further investment in the hotel segment.
The company was formed in 1991 along with its first venture fund, the Lodging Opportunities Limited Partnership. This investment fund acquired eight properties including the Annapolis Marriott, Bethesda Residence Inn, Fort Lauderdale and Plymouth Meeting DoubleTree Guest Suites, three Residence Inns in the southwest, and the Richmond Embassy Suites. The Annapolis Marriott and Richmond Embassy Suites are managed by Thayer Lodging Group under franchise agreements with Marriott and Embassy Suites. The Bethesda Residence Inn is managed by Marriott and DoubleTree manages the Plymouth Meeting hotel. Equity has been returned through a combination of cash flow from operations, a portfolio refinancing and the sale of four of the nine assets.
The second fund, the Thayer Hotel Investors II Limited Partnership was launched in 1995, and acquired nine hotels. Thayer sold all fund assets in July of 2005 for 266 million, representing 2.1x equity at a 29% compounded return.
In 1999 Thayer acquired the Marriott Wardman Park Hotel, Washington D.C.'s largest hotel, with a newly formed limited liability company. Thayer sold the 1,338-room Marriott Wardman Park Hotel in July of 2005 for 300 million representing a 2.5x multiplied on equity of a 18.3% IRR.
Thayer Hotel Investors III was formed in 2000 and acquired two hotels during 2001, the RIHGA Royal in New York City and the Grande Lakes Resort in Orlando. In 2004, Thayer acquired the Wyndham Conference Center in Peachtree City, GA. Thayer sold the Rihga in May of 2005 for 190 million and the 1,582-room Grande Lakes Resort for 753 million representing a 3.8x multiplied on equity of a 43.3% IRR.
Thayer is currently seeking acquisition opportunities for hotels that would benefit from the application of its repositioning strategies, including re-branding and capital improvements.
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