Private equity firm Starwood Capital announced plans Thursday to snap up hotel chain operator TMI Hospitality for a reported $1 billion.
Under the terms of the deal, Greenwich, Conn.-based Starwood will acquire all outstanding stock of TMI, a property development and management company that operates 188 budget and extended stay hotels in 26 states, including Marriott Residence Inn and Comfort Inn. Starwood already owns 103 similar hotels, according to a TMI news release.
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