Blackstone Acquires Majority Stake in M3 in Partnership With AAHOA
NEW YORK, Original York, and ATLANTA, Georgia—M3, LLC announced it has signed a definitive settlement for a majority investment from Blackstone Enhance and affiliated funds. The investment will abet to speed the firm’s growth by bettering new product expansion and supporting the adoption of M3’s machine. AAHOA, representing almost 20,000 resort owners and 60 p.c of inns throughout the United States, will derive its first strategic investment alongside Blackstone.
Based in 1998 by John McKibbon to tackle the accounting wants of his have faith family’s resort management firm, M3 has grown accurate into a hospitality-centered again-space of work accounting machine platform that serves because the machine-of-file for monetary records for bigger than a thousand resort operators and management companies. It currently gives technological solutions along with accounting, labor management, and industry intelligence to greater than 8,000 properties throughout North The US.
John McKibbon, founder of M3, stated, “Blackstone’s background in hospitality made them the pure change as our first equity partner. Together, we now not sleep for propelling our innovation and growth to most productive relieve our customers in an period of persevered technological advancement.”
Ramzi Ramsey, a managing director at Blackstone, stated, “M3 has turn out to be a number one finance and accounting machine platform for limitless unbiased and family-owned resort operators, moreover to some of the good resort management companies, which have faith relied on its technology to toughen the professionalization and scale of their companies. As M3’s first institutional capital partner, we’re wrathful to harness Blackstone’s deep abilities and network interior the staunch estate and technology sectors to abet toughen its product offering to higher relieve new and present companies as M3 continues to grow.”
Miraj S. Patel, AAHOA chairman, stated, “AAHOA is wrathful to derive its first strategic investment alongside Blackstone, a creep that can vastly earnings our members and your entire hospitality industry. This partnership with M3 will enlighten AAHOA members entry to developed technology and innovative solutions that would maybe toughen operational effectivity and force growth. We are committed to empowering our members with the tools and sources main to reach an evolving market, and this collaboration marks a pivotal step toward achieving that procedure.”
Terms of the transaction were now not disclosed. Carlton Fields, P.A., served as comely counsel to M3 and Houlihan Lokey has supplied definite assistance to M3 in reference to the transaction. Evercore served as uncommon monetary manual to Blackstone and Kirkland & Ellis LLP served as comely counsel to Blackstone.
