Thayer Lodging, Brookfield Hotel Properties, based in Annapolis, Maryland, was formed in 1991 by
Frederic V. Malek
Leland C. Pillsbury
with the creation of the Lodging Opportunities Fund (“LOF”).
The Thayer name is derived from Brigadier General Sylvanus Thayer, the “father of the modern day West Point,” where Malek matriculated.
Prior to creating LOF, Malek and Pillsbury worked together for Marriott International. At Marriott, Malek and Pillsbury oversaw the launch, acquisition and operation of hundreds of hotels, including five hotel brands, throughout the United States. Together they also developed and implemented the hotel industry’s first awards program for frequent travelers and launched innovations such as “under-the-door bills” that have become industry standards.
Thayer's first acquisition was an underperforming Hilton in downtown Annapolis in May 1992. Thayer changed the brand to a Marriott and continues to own and manage the
Annapolis Marriott Waterfront
today. LOF acquired a total of 8 properties between May 1992 and August 1994.
Thayer Hotel Investors II, L.P. (“Fund II”) was formed in January 1995, and acquired 11 hotel properties in nine investments. Economic conditions and hotel fundamentals during the investment cycle of Fund II provided the opportunity to reposition and redevelop under-managed, moderately-sized business hotels.
In October 1998, Thayer created a limited liability company to purchase the 1,340 room Wardman Park Hotel in Washington, D.C. Thayer renovated the hotel, which became one of the premier group hotels in the region and one of the country’s leading convention and large meeting hotels.
Between 1998 and 2002, Thayer invested in newly developed or renovated limited-service hotels on an individual basis. Thayer purchased five newly developed or renovated hotels in supply constrained markets during this time period.
In early 2000, Marriott International approached Thayer regarding an investment in its planned development of the destination resort
Grande Lakes Orlando
in Orlando, Florida. Thayer formed Thayer Hotel Investors III, L.P. (“Fund III”) in summer 2000 and began development of the Grande Lakes Orlando. The Complex at Grande Lakes Orlando opened in July 2003 on schedule and within its $567 million construction budget. To top off Fund III, two additional hotel acquisitions were made in 2001 and 2004. Thayer sourced a co-investor for Grande Lakes to properly diversify the Fund III portfolio.
Thayer Hotel Investors IV, L.P. (“Fund IV”)
was formed in 2004 and completed 11 investments for 13 hotels, the majority of which were off-market transactions. One of these transactions was a Wyndham hotel. Thayer took over management of and transitioned to the
Sheraton Miami Airport & Executive Meeting Center.
Between 2008 and August 2012,
Thayer Hotel Investors V, L.P. (“Fund V”)
acquired four hotels. During Thayer’s ownership of the
JW Marriott San Francisco Union Square, Thayer nearly tripled hotel NOI.
- In 2014, Thayer Lodging was acquired by Brookfield Asset Management, a leading global alternative asset management company focused on property, infrastructure, renewable power and private equity.