Real Estate Marketing & Beyond
Synergy Global Housing (Synergy) and Primestone Partners, a New York-based advisory and housing solutions firm, have announced their agreement for Synergy to acquire Primestone Housing Solutions for an undisclosed amount. Synergy offers corporate clients high-quality properties with flexible solutions designed to allow them to live and work comfortably and in style.
Primestone Housing Solutions organizes long-term housing for business clients. It is one of three businesses run by the parent company, Primestone Partners. With this acquisition, Synergy will increase its revenues by expanding its current client base and forming new strategic partnerships with apartment property managers and owners in New York, the Southeast, and other regions across the U.S.
Synergy and Primestone have been supply chain partners on scores of transactions in recent years, creating a natural fit for our two companies. 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.
Henry Luebbert, Synergy Co-founder
Bruce Witherell, CEO of Primestone Partners LLC, stated that this transaction will allow the company to concentrate its attention and resources on its core technology business. He also mentioned that their Primestone Housing Solutions clients will benefit from Synergy's global reach, expansive inventory, and the breadth of its programs and services. Additionally, their multifamily partners can expect a significant increase in reservation flow from Synergy's industry-leading sales force and substantial client base. Witherell also expressed appreciation for Synergy as a great partner and indicated a desire to explore new opportunities for collaboration in the future.
This transaction is part of Synergy's ongoing growth strategy and comes after the company's recent announcement of its upcoming opening in Texas on January 2, 2024.
Established in 1999, Synergy Global Housing is an international provider of serviced accommodations with its headquarters in San Ramon, CA. It offers an exceptional hospitality-driven extended-stay experience to the business travel and mobility industries. With a presence in over 2,000 cities across over 85 countries, the company operates offices in China, Singapore, India, England, Ireland, and various locations throughout the United States.
Globally recognized, Synergy has received several recent awards, including 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 Global Housing is a part of The Ascott Limited (Ascott), a prominent international lodging owner-operator headquartered in Singapore. Ascott's serviced residence and hotel brands, including Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Préférence, Fox, Harris, POP!, Vertu, and Yello, are spread across more than 220 cities in over 40 countries. 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. With over 30 years of industry experience, Ascott's award-winning brands are globally recognized.
