Alliance Hospitality, Inc. (Alliance) and KB Hotel Group (KB), announced last week that they have finalized a merger agreement. In a comprehensive strategy under which Alliance, a hospitality and design-focused company, has combined with KB, a leader in Mid-Western hotel development, the companies will form a new entity called “Witness”.
The newly merged and rebranded Witness combines 35+ years of experience working with trusted hotel brands to create a leader in funding, building, and managing hotel development projects. Under the terms of the agreement, which has been unanimously approved by both companies’ Board of Directors and Executive Management Team, Ohm Patel will serve as the merged company’s Chief Executive Officer (CEO) and Aakash Patel, will serve as its Chief Development Officer (CDO).
Ohm Patel, Chief Executive Officer of Witness, spoke about the merger and the new opportunities it creates: “Witness will capitalize on the experience of KB’s Development Team and Alliance’s Management expertise to bring about a whole new level of growth in the industry. We now have the resources, the knowledge, and the ability to provide all of our stakeholders with results that exceed their expectations.”
Tarun Kapoor, long-time independent consultant to both Alliance and KB, and Managing Director at Kapoor & Kapoor Hospitality Consultants, worked on the merger strategy and was instrumental in aligning the brand, as well as short and long-term merger goals. “The new company is committed to delivering exceptional returns to their investing and lending partners, as well as increased experiences and opportunities for their brands and associates,” said Mr. Kapoor.
Witness will work to grow their existing Midwest hotel development and management portfolio by utilizing their combined expertise in hotel site selection, dedication to responsible construction, and the ability of their management to exceed brand standards. The newly combined company has 27 hotels in their portfolio and 13 new hotels in the pipeline. With a highly skilled team of Principals and experienced Board of Directors, Witness is set on a strong foundation of industry experts and primed for growth.
When asked about the timeline and goals of the merger, Aakash Patel, Chief Development Officer, stated that “Witness has established headquarters in Columbus, Ohio and will use the remainder of the year to strategically integrate Alliance and KB. The company plans to keep all current associates on board and will use this merger as an opportunity to place an even greater focus on their training and development opportunities.”
To learn more about Witness, the merger and/or the new company’s solutions and vision, please visit http://www.witnesshospitality.com.
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