Hotel management and development companies Waterford Hotel Group and Maverick Hotels & Restaurants have merged, creating a company with a portfolio of more than 50 hotels.
The strategic merger allows the newly combined company to accelerate growth, improve operational efficiencies and drive long-term value, a news release states.
"Last year, we set an ambitious goal to reach 50 hotels within two years — a milestone we have now surpassed," said Len Wolman, chairman and CEO of Waterford Hotel Group, in the news release. "This merger marks an exciting new chapter for Waterford and Maverick, strengthening our ability to drive performance, expand recognition and fuel long-term growth."
In a 2024 video interview with CoStar News Hotels, Wolman spoke about his company's growth prospects.
When reached for further details, Lisa Beers, vice president of marketing and communications at Waterford, said the companies will continue to operate side by side under their existing names. They will make decisions on future branding as they move through integration over the next year.
The leadership teams of both companies will remain fully in place, and no leadership changes are planned as part of the merger, Beers said. Leaders at both Waterford and Maverick will work together to create the most effective structure for a fully integrated organization, and they have a focus on minimal disruption and long-term value creation.
Chicago-based Maverick Hotels & Resorts' portfolio includes hotels spanning New England to the Midwest with a concentration of properties in the Chicago area. Waterford, Connecticut-based Waterford Hotel Group has an established presence in the Eastern U.S. and a growing footprint in the South Central and Midwest regions. Its portfolio includes full-service hotels, convention centers and boutique inns.
The newly merged companies are pursuing new acquisitions, management contracts and redevelopment projects.
"This merger allows us to build on our collective achievements while unlocking even greater opportunities," Maverick founder and CEO Robert Habeeb said in the release. "Waterford's proven track record in hospitality management, combined with our shared commitment to excellence, makes this a powerful combination. We are well-positioned to expand our footprint, strengthen our competitive edge, and create greater value for owners and investors."