Versa Capital Affiliate Acquires BridgeStreet Global Hospitality

HERNDON, Va., March 4, 2014 /PRNewswire/ -- BridgeStreet Global Hospitality, the leading international solution for serviced apartment experiences with more than 50,000 locations in 60 countries, announced today its acquisition by an affiliate of Versa Capital Management, LLC (Versa).  The investment, which follows on the heels of BridgeStreet's recent rebranding and international growth, will elevate BridgeStreet's presence and create new opportunities for development projects and sound long-term growth. 

"BridgeStreet recently has made great strides in establishing itself as the leader of serviced apartment experiences worldwide," said Gregory L. Segall, CEO of Versa Capital.  "Now that the company is strongly capitalized, with no third party debt, it is well positioned to accelerate its growth and we look forward to working with the company's strong management team to continue building BridgeStreet's operations and service offerings.  By providing travelers worldwide with unparalleled hospitality experiences, delivered through an efficient and customer-centric operating platform, we believe BridgeStreet will create sustainable growth over the long term."

According to Sean Worker, BridgeStreet CEO, "Versa is the ideal owner for our strategy as it is a firm with the resources and expertise to help us continue to build and grow our business. With the recent launch of BridgeStreet Global Hospitality, the brand is thriving, and we expect it will continue to flourish through this new venture with Versa."

The launch of BridgeStreet Global Hospitality has introduced an industry-leading family of brands ranging from six- to two-star products, bringing definition to the growing furnished apartment sector by identifying distinct product offerings as individual brand extensions.  BridgeStreet's family of brands includes Exclusive, Residences, ApartHotels, Living, Places and Studyo, offering the convenience of apartment living with a variety of service packages to offer each guest options based on location, price point and individual needs. 

BridgeStreet's fully furnished properties are situated in key metropolitan locales ideal for business and pleasure, combining the luxuries of spacious apartment living with the benefits of hotel amenities.  More information on BridgeStreet can be found at www.bridgestreet.com or by calling 800-278-7338.

About BridgeStreet Global Hospitality

With more than 50,000 apartments in over 60 countries, BridgeStreet Global Hospitality – comprised of six unique brands – is the leading hospitality solution offering serviced apartment experiences for travelers seeking an alternative to typical hotel accommodations. BridgeStreet's family of brands includes six-star Exclusive, five-star Residences, four-star ApartHotels and Living, three-star Places and two-star Studyo offering the convenience of apartment living with a variety of service packages to offer each guest options based on location, price point and individual needs. Widely recognized for uncompromising standards of quality, comfort and service, BridgeStreet Global Hospitality is a renowned award winner in both the Americas and EMEA (Europe, the Middle East and Africa). For more information on BridgeStreet Global Hospitality, please visit www.bridgestreet.com or call 800 278 7338.

About Versa Capital Management

Philadelphia-based Versa Capital Management is a private equity investment firm with more than $1.4 billion of assets under management focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management.  Its investment portfolio includes companies across a diverse range of industries, including Bob's Stores, Black Angus Steakhouse, Civitas Media, Eastern Mountain Sports and Polartec.  For more information on Versa, visit www.versa.com.

SOURCE BridgeStreet Global Hospitality