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BridgeStreet Worldwide Expands Government and Military Focus through Acquisition |
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| Tuesday, April 08, 2008 |
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| Purchase of Temporary Quarters and Temporary Housing Solutions Creates Strategic Alliance |
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Herndon, VA – BridgeStreet Worldwide, a leading international provider of corporate housing, today announced the company has acquired Washington D.C. - based Temporary Quarters, LLC / Temporary Housing Solutions, LLC for an undisclosed amount. The acquisition includes the assumption of all assets and liabilities related to Temporary Quarters/Temporary Housing Solutions’ furnished apartment business. Simultaneous to this acquisition, BridgeStreet has signed an agreement with Madison Hospitality to continue to develop business opportunities within the government and military market segments of the corporate housing industry.
"Temporary Quarters and Temporary Housing Solutions are premier housing providers, specializing in the accommodation needs of federal government, federal government contractors, and military personnel, within the Washington D.C. area," said Jon Wohlfert, managing director, Americas of BridgeStreet Worldwide. "They have built an outstanding reputation for product and service quality in addition to their market segment expertise. We look forward to partnering with this talented team to cater to the government and military segment around the world".
Benj Farmery and Joanna Salmen, the principles of Madison Hospitality, will concentrate on identifying and providing housing solutions to government and military travelers around the world. Federal civilian employees and U.S. military personnel collectively represent more than $150 million in annual long term housing expenditures. "We are excited about the opportunity to combine our government sales expertise with the global resources and knowledge of BridgeStreet Worldwide" said Farmery. "Our foremost concern was aligning our existing and future clientele base with a global, customer-focused organization; we feel confident our government clients and guests will receive unparalleled service and support from this BridgeStreet-Madison Hospitality alliance."
"This acquisition is part of our overall strategic plan to bring unique housing solutions and integrated supplier management tools to government and military personnel. Through our alliance with Madison Hospitality, BridgeStreet Worldwide’s unparalleled service offering will allow public sector travelers to make informed, cost conscious buying decisions," said Lee Curtis, president and CEO of BridgeStreet Worldwide.
BridgeStreet Worldwide is a leading international provider of corporate housing. BridgeStreet and its Global Partner Alliance offer over 15,000 corporate apartments located throughout the United States and 50 cities internationally. An award winner both in the U.S. and Europe, BridgeStreet properties meet uncompromising standards of quality, comfort and service. For more information about the company or to learn more about how BridgeStreet is Making Corporate Housing Easy, visit www.bridgestreet.com or call 1-800-BSTREET.
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