Boutique and lifestyle hotel brands are doing well in this market, and Commune is riding that wave with two good brands that complement each other with this expansion.
Niki Leondakis, former president of Kimpton Hotels, last month started her tenure as the first CEO of Commune Hotels & Resorts, the boutique-lifestyle hotel company that was formed last year with the merger of San Francisco-based Joie de Vivre and New York-based Thompson Hotels.
We have 47 properties now. Our revenue is about $450 million, and our goal is to take that to $1 billion in revenue within the next five years. We have seven management and acquisition deals in the pipeline. We see Thompson in a lot of urban primary markets. We’re already in Miami, L.A., Chicago and Manhattan, and we believe that Shanghai and Hong Kong are places where Thompson would really resonate. The Joie de Vivre brand could also grow in primary markets throughout the U.S. We’re working on East Coast locations.