TPG HOTELS, RESORTS & MARINAS ACCELERATES THIRD-PARTY MANAGEMENT PLATFORM WITH ACQUISITION OF MARSHALL HOTELS & RESORTS

January 26, 2022

TPG Hotels, Resorts & Marinas (TPG), one of the nation's premier hospitality firms, today announced an "acquisition of equal talents and minds" with the addition of Marshall Hotels and Resorts, a leading hotel management and services company with special expertise operating three and four-star branded hotels and resorts. The combined company will be headquartered in Salisbury, MD, and will oversee all day-to-day operations of the entire national portfolio of properties.

"This is a win-win for all parties involved," said Mike Marshall, who will serve as president and CEO of the combined companies. "By putting our organizations together, we immediately become one of the ten largest third-party management providers in the hospitality industry. This creates advantages and efficiencies due to the combined workforce's economies of scale, depth, talent, and deployment of best practices across the portfolio. This move also provides access to greater capital, allowing us to invest alongside ownership groups when prudent, as well as attract a new level of talent sophistication."

With the completion of the transaction, TPG will boast a portfolio of more than 130 operated properties comprising nearly 20,000 rooms in 26 states. The management company will focus on expanding the third-party platform and increasing the value of the assets for our owners.

"This acquisition is a natural fit for both Marshall and TPG," said Robert Leven, chief investment officer, The Procaccianti Companies. "Relationships are so important in our business, and this is a merger of relationships which will allow us to use our collective resources, systems, and experiences to provide our owners with higher returns and increased profitability for their properties. It also allows us to continue our strategic growth plans as one of the preeminent management companies in our industry.

About Marshall Hotels and Resorts, Inc.
Salisbury, Md.-based Marshall Hotels & Resorts, Inc. has special expertise operating three- and four-star branded hotels and resorts, averaging 100 to 500 rooms, in urban and central business districts, as well as suburban/drive-to and resort locations. In addition, the company has a proven track record managing independent resort and unique urban properties. Marshall Hotels & Resorts has managed a wide array of leading hotel brands, including those under the Hilton, Marriott, InterContinental Hotel Group, Hyatt, Carlson, Choice, Best Western and Wyndham flags. Additional information may be found at the company's website: www.marshallhotels.com.

About TPG Hotels, Resorts and Marinas
TPG Hotels, Resorts and Marinas is an operator of hospitality assets across all chain scales. With this acquisition, the firm's historical resume is approaching 300 branded, independent, and boutique hotels comprising more than 42,000 guestrooms in 38 states. TPG Hotels, Resorts & Marinas is a vertically integrated organization actively engaged in hotel operations, development, acquisitions, and asset repositionings across the country. For more information, please visit www.tpghotelsandresorts.com.