Blackstone Acquires Majority Stake in Main Lodge Accounting Instrument and Services Supplier M3
Unusual York, NY and Atlanta, GA – M3, LLC (“M3”), voted the number-one hospitality accounting tool in North The United States, at the present time announced it has signed a definitive agreement for a majority investment from Blackstone Increase and affiliated funds (collectively “Blackstone”). The investment will support to bustle the firm’s roar by bettering contemporary product growth and supporting the adoption of M3’s tool, which permits hotel operators to dash more successfully and successfully. AAHOA, representing almost 20,000 hotel house owners and 60% of resorts all the way thru the usa, will invent its first ever strategic investment alongside Blackstone.
Based in 1998 by hospitality industry used John McKibbon to take care of the accounting wants of his hold household’s hotel management firm, M3 has grown into a leading hospitality-focused aid-place of job accounting tool platform that serves as the gadget-of-document for financial recordsdata for more than a thousand hotel operators and management companies at the present time. It for the time being offers technological alternatives including accounting, labor management and industry intelligence to more than 8,000 properties all the way thru North The United States. M3 has ranked as the nation’s number-one hotel accounting tool and financial reporting provider by HotelTech Portray for the past four years.
John McKibbon, Founding father of M3, acknowledged: “Blackstone’s background in hospitality made them the pure want as our first equity accomplice. Collectively, we gape forward to propelling our innovation and roar to finest aid our potentialities in an technology of persisted technological building.”
Ramzi Ramsey, a Managing Director at Blackstone, acknowledged: M3 has change into a leading finance and accounting tool platform for endless impartial and household owned hotel operators, as properly as some of essentially the major hotel management companies, which hold relied on its technology to reinforce the professionalization and scale of their businesses. As M3’s first institutional capital accomplice, we’re angry to harness Blackstone’s deep ride and community all the way thru the staunch estate and technology sectors to support strengthen its product offering to raised aid contemporary and present companies as M3 continues to develop.”
Allen Read and Casi Johnson, CEO and President of M3, acknowledged: For over 25 years, M3 has been serious about delivering a comprehensive solution while providing world class strengthen to our potentialities. We remain steadfast in our commitment to serving our potentialities and are gay to accomplice with Blackstone to proceed to scale our vision, crew, and culture.”
Kevin Chang, a Main at Blackstone, acknowledged: M3 has constructed an enviable market hassle as a result of its sturdy technology and buyer-centric way. We’re eager to kind upon this solid foundation and strengthen M3 in its next segment of roar and growth in the broader hospitality market.”
Miraj S. Patel, AAHOA Chairman, acknowledged: “AAHOA is elated to invent its first strategic investment alongside Blackstone, a transfer that will vastly profit our members and your total hospitality industry. This partnership with M3 will bring AAHOA People regain entry to to evolved technology and modern alternatives that can presumably strengthen operational efficiency and pressure roar. We’re committed to empowering our members with the instruments and sources foremost to reach an evolving market, and this collaboration marks a pivotal step in the direction of reaching that aim.”
Phrases of the transaction weren’t disclosed. Carlton Fields, P.A., served as ethical counsel to M3 and Houlihan Lokey has supplied sure support to M3 in reference to the transaction. Evercore served as recent financial consultant to Blackstone and Kirkland & Ellis LLP served as ethical counsel to Blackstone.
About M3
Built by hoteliers exclusively for hoteliers, M3 is a sturdy cloud-basically based financial platform and companies and products firm serving over 8,000 properties all the way thru North The United States’s hospitality industry helping pressure price financial savings, revenue enhancement, and industry perception. After over 25 years in industry, M3 touts a 95 p.c buyer retention price. Extinct by over 1,000 management groups and proprietor-operators and resorts of all sizes, the platform works seamlessly with other key systems and instruments in the hospitality industry. It offers sturdy accounting and financial analysis all the way thru total portfolios with optional operations and time management substances. M3’s Skilled Services crew affords on-ask accounting and bookkeeping strengthen for resorts and portfolios of any measurement by offering a elephantine range of personalized accounting alternatives that can presumably scale with a hotelier’s wants. Privately held and worker-owned, M3 continues to constantly strengthen merchandise and companies and products with regular releases and updates. “M3”, “CoreSelect”, “M3 Concierge”, and “Accounting Core” are all logos owned by M3; all other marks are owned by their respective house owners. For more recordsdata, talk over with www.m3as.com.
About Blackstone
Blackstone is the field’s largest more than just a few asset manager. We glance to ship compelling returns for institutional and particular individual buyers by strengthening the companies wherein we invest. Our more than $1 trillion in sources under management encompass world investment methods serious about staunch estate, personal equity, infrastructure, existence sciences, roar equity, credit, staunch sources, secondaries and hedge funds. Further recordsdata is available at www.blackstone.com.
About AAHOA
AAHOA is basically the major hotel proprietor’s association in the field, with Member-owned properties representing a foremost segment of the U.S. economy. AAHOA’s 20,000 members hold 60% of the resorts in the usa and are to blame for 1.7% of the nation’s GDP. Extra than 1 million workers work at AAHOA Member-owned resorts, incomes $47 billion yearly, and member-owned resorts strengthen 4.2 million U.S. jobs all the way thru all sectors of the hospitality industry. AAHOA’s mission is to reach and offer protection to the industry pursuits of hotel house owners thru advocacy, industry leadership, professional building, member advantages, and community engagement.
