StreamCo acquires Afton Hospitality
- February 6, 2012
StreamCo LLC, based out of Henrico County, has acquired Afton Hospitality, a hotel management and consulting firm in Virginia Beach. Terms of the deal were not disclosed. With the acquisition, StreamCo’s portfolio of commercial real estate under management expands from 4 million square feet in 18 states to 6.5 million square feet in 22 states.
The company is retaining the Afton team of six staffers in Virginia Beach, as well as a number of onsite personnel at Afton-owned hotels. “We’re retaining all the employees in the Hampton Roads office, and the onsite personnel at the hotels. Altogether, that’s about 6 to 10 people per hotel,” Kenneth S. Strickler, a managing director and partner at StreamCo, told Virginia Business.
The Afton team brings more than 100 years of experience in developing and managing hotels for several national chains including Marriott International, Hilton Worldwide and Wyndham Worldwide. Afton principals, including Managing Director Timothy J. Stiffler, have owned and managed more than 40 hotels in the mid-Atlantic region. “StreamCo has been looking to add the hospitality service side to our already successful real estate management service business model, allowing us to broaden our service lines to the hotel, resort and hospitality sector,” StreamCo President Mark Claud said in a statement. “Afton demonstrated rapid growth over the past two years and caught our eye as an entrepreneurial firm with immense potential. We began acquisition talks about a year ago.”
StreamCo said its acquisition of Afton is unique as few full-service real estate asset management companies have a hospitality component. It plans to expand beyond its current 22-state market with the hospitality properties now in its portfolio. As a result of the acquisition, StreamCo has changed the name of Afton to Commonwealth Lodging LLC.