Strategic move expands Synergy’s US footprint and grows global client base
San Ramon, CA and New York, NY, December 5, 2023 — Synergy Global Housing (Synergy), a leader in serviced accommodation program management, and Primestone Partners, a New York-based, advisory and housing solutions firm, today announced that they have entered into a definitive agreement under which Synergy will acquire Primestone Housing Solutions for an undisclosed amount.
Primestone Housing Solutions, which arranges extended-stay housing for corporate clients, is one of three businesses operated by parent company, Primestone Partners.
With this acquisition, Synergy will be able to drive additional revenues through expansion of its current client base and new strategic relationships with multifamily property managers and owners in New York, the Southeast and additional regions throughout the US.
“Synergy and Primestone have been supply chain partners on scores of transactions in recent years, creating a natural fit for our two companies,” said Henry Luebbert, Synergy Co-founder. “By leveraging Synergy’s scale and Primestone’s relationships, this transaction will be highly accretive for our company and will provide our clients with access to a host of new apartment options nationwide.”
“This transaction allows us to focus our attention and resources on our core technology business,” said Bruce Witherell, CEO of Primestone Partners LLC. “Our housing solutions clients will benefit from Synergy’s global reach, expansive inventory and the breadth of its programs and services. Our multifamily partners will see a substantial uptick in reservation flow from Synergy’s industry-leading sales force and substantial client base. Synergy has been a great partner, and we will continue to look for new ways to work together in the future.”
This transaction is part of Synergy’s continued growth strategy and follows the company’s most recent announcement that it will be opening in Texas on January 2, 2024.
About Synergy Global Housing
Founded in 1999, Synergy is an international serviced accommodation provider headquartered in San Ramon, CA, delivering a superior hospitality-driven extended-stay experience to the business travel and mobility industries. Providing best-in-class housing and services in over 2,000 cities in more than 85 countries, the company has offices in China, Singapore, India, England, Ireland and multiple locations throughout the United States.
Recognized globally, Synergy’s recent awards include the 2023 and 2021 Company of The Year from the Corporate Housing Provider’s Association (CHPA), 2023 ITM Service Excellence Team; 2022 Operations Team of the Year from the Business Travel People Awards; 2022 and 2020 Serviced Apartment Provider of the Year Regional/Global from Relocate Magazine; and the 2021 Corporate Housing Provider of the Year from the Forum for Expatriate Management (FEM) U.S. and EMEA regions.
Synergy is a member of The Ascott Limited (Ascott), a leading international lodging owner-operator based in Singapore. Spanning more than 220 cities in over 40 countries, Ascott’s serviced residence and hotel brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Préférence, Fox, Harris, POP!, Vertu and Yello. Ascott is a wholly-owned subsidiary of CapitaLand Investment Limited (CLI), one of Asia’s largest diversified real estate groups headquartered and listed in Singapore and Malaysia. Today, Ascott boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.
About Primestone Partners
Primestone Partners has three primary businesses: an operating company that arranges extended-stay housing solutions for corporate clients, a developer of software for the short-term rental and hospitality sectors, and an advisory practice focused on the mortgage, real estate, and technology industries. The principals at Primestone Partners have held senior management roles at leading investment banks, PE firms, GSEs, and at global and U.S. real estate operations. They have built companies, led multi-billion-dollar financings, engineered turnarounds and launched start-ups for major financial institutions.
