Move aims to broaden apartment options nationwide
Synergy Global Housing, a serviced accommodation firm, has agreed to acquire corporate housing company Primestone Housing Solutions for an undisclosed amount.
Synergy has entered into a definitive agreement to purchase Primestone as part of its strategy to expand its client reach and foster new partnerships with multifamily property managers and owners across various regions in the United States, including New York and the Southeast.
Primestone Housing Solutions arranges extended-stay housing options for corporate clients and is one of three businesses operated by its parent company, Primestone Partners.
“This transaction allows us to focus our attention and resources on our core technology business,” said Primestone CEO Bruce Witherell. “Our housing solutions clients will benefit from Synergy’s global reach, expansive inventory and the breadth of its programs and services. Our multifamily partners will see a substantial uptick in reservation flow from Synergy’s industry-leading sales force and substantial client base. Synergy has been a great partner, and we will continue to look for new ways to work together in the future.”
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The acquisition is a part of Synergy’s continued efforts to grow and diversify. It follows its recent announcement about a new operational opening in Texas, scheduled for Jan 2, 2024. The expansion is expected to enhance Synergy’s presence in the serviced accommodation sector and offer more comprehensive services to its customer base.
“Synergy and Primestone have been supply chain partners on scores of transactions in recent years, creating a natural fit for our two companies,” Synergy co-founder Henry Luebbert said in a media release. “By leveraging Synergy’s scale and Primestone’s relationships, this transaction will be highly accretive for our company and will provide our clients with access to a host of new apartment options nationwide.”
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