Lindsay Goldberg Acquires Affordable Suites of America

NEW YORK–(BUSINESS WIRE)–Lindsay Goldberg, a private investment firm that focuses on partnering
with families, founders and management teams seeking to actively build
their businesses, today announced that it has acquired Affordable
Suites of America, Inc. (“Affordable Suites” or the “Company”), a
premier owner, operator and franchisor of extended-stay hotels in the
Southeastern United States. Terms of the transaction were not disclosed.

Based in Myrtle Beach, South Carolina, Affordable Suites provides
long-term, economy-minded travelers with a comfortable and relaxing
environment ideal for business and leisure alike. Its hotels offer fully
furnished apartment-style suites, complete with a living area and
kitchen, separate bedroom and additional amenities. Affordable Suites’
portfolio of hotels is comprised of 20 properties across Georgia,
Indiana, North Carolina, South Carolina, and Virginia.

We are excited to partner with Affordable Suites, a leader in
extended-stay lodging throughout the Southeast that is poised for
growth,” said Russell Triedman, a Partner at Lindsay Goldberg.
Leveraging our substantial extended-stay hospitality and real estate
sector expertise, we plan to build the Company through strategic
development and acquisitions.”

Affordable Suites will be led by incoming CEO Gary DeLapp, a successful
industry veteran and former CEO of Lindsay Goldberg portfolio company,
WoodSpring Hotels Holdings (“Woodspring”). Under Lindsay Goldberg’s
ownership, Woodspring executed a highly successful rebranding and
renovation campaign, and grew from 179 locations in 2012 to 254 in 2018
when it was acquired by Choice Hotels.

I am thrilled to lead Affordable Suites and again work closely with the
Lindsay Goldberg team,” said Mr. DeLapp. “Affordable Suites is well
positioned to capitalize on the tremendous opportunities ahead and will
continue to execute on its core mission of providing best-in-class
facilities for economy-minded travelers. Lindsay Goldberg has a proven
track record of growing and developing properties in the extended-stay
space, and I have great respect for the Firm’s team and approach.”

About Lindsay Goldberg

Lindsay Goldberg is a private investment firm that focuses on partnering
with families, founders and management teams seeking to actively build
their businesses. Founded in 2001, Lindsay Goldberg manages more than
$13 billion of equity capital and takes a relationship driven approach,
centered upon a collaborative investment model and supported by its
global network of affiliate partners. For more information about Lindsay
Goldberg, please visit www.lindsaygoldbergllc.com.

About Affordable Suites of America

The Affordable Suites of America LLC portfolio currently includes 20
hotels in the states of VA, NC, SC, GA and IN. Online reservations and
more information can be found at the Affordable Suites website at www.affordablesuites.com.
For franchising or investment opportunities, please contact Tammy Hart
at Tammy@affordablesuites.com
or call at 704-277-5069.