Herndon-based BridgeStreet acquired by Versa Capital affiliate
- March 4, 2014
Herndon-based BridgeStreet Global Hospitality has been acquired by an affiliate of Versa Capital Management LLC.
BridgeStreet specializes in serviced apartments, fully furnished apartments that serve as alternatives to extended-stay hotels. The company has more than 50,000 locations in 60 countries.
Philadelphia-based Versa is a private-equity investment firm with more than $1.4 billion of assets under management. It focuses on investments in special situations involving middle market companies.
The acquisition follows recent BridgeStreet’s recent rebranding and international growth.
Company officials said the deal will elevate BridgeStreet’s presence and create new opportunities for development projects and long-term growth.
Serviced apartments typically are twice the size of extended stay hotels rooms and include complete kitchens and onsite laundry facilities.
BridgeStreet has introduced a family of brands with the intention of bringing definition to the furnished apartment sector.
BridgeStreet brands includes Exclusive, Residences, ApartHotels, Living, Places and Stüdyo. They offer a variety of service packages to offer options based on location, price point and individual needs.
Versa’s investment portfolio includes Bob’s Stores, Black Angus Steakhouse, Civitas Media, Eastern Mountain Sports and Polartec.