John Pritzker, Pomeranc family launch joint venture
John Pritzker of Chicago's Pritzker family and New York's Pomeranc family are combining their hotel businesses, the Wall Street Journal reported.
The tentative name of the new company is JT Hospitality, the article said. It will encompass the 33 boutique hotels operated by Pritzker's Joie de Vivre Hospitality and the 12 luxury hotels operated by the Pomeranc family's Thompson Hotels.
Each party will own a 50% stake in the combined company, which is expected to generate about $500 million in annual revenues, the Journal article said.
The co-chairmen of the new company will be Pritzker, 58, and Jason Pomeranc, 40, the youngest of the three brothers who own Thompson Hotels, the report noted.
JT Hospitality only manages hotels and will own none of those that bear the Joie de Vivre and Thompson brands. However, the company's various principals own stakes in several hotels. The Pomeranc family owns eight Thompson hotels. Mr. Pritzker's Geolo [investment fund] owns four Joie de Vivre hotels. And Joie de Vivre founder Cup Conley, a strategic adviser with an equity stake in JT Hospitality, owns stakes in 14 Joie de Vivre properties.
The principals are expected to buy additional hotels, the article said. (Source: Wall Street Journal, Oct. 3, 2011.)
Posted Monday, October 03, 2011 • Permalink