Convene Hospitality Group (CHG), a global hospitality platform at the intersection of corporate conferences, meetings and experiential events, secured $230 million in strategic growth capital to accelerate global expansion across its multi-brand platform. The latest funding is provided by new lender, TPG, a global alternative asset management firm, as well as an additional equity investment from current shareholders, including Ares funds. A portion of the capital will be deployed toward new development, technology and production capabilities, and selective acquisitions to further scale the platform.
“The way the world works, meets and gathers has significantly evolved since we debuted in 2009, and we’re blurring the lines between hospitality and traditional events to meet that shift,” Ryan Simonetti, CEO and co-founder of CHG, said. “Our clients expect a high level of service, design and production capabilities, whether we’re partnering on a corporate conference or delivering a one-of-a-kind experience in a special event space. This capital allows our house of brands to expand through strategic market growth and thoughtful mergers and acquisitions.”
CHG will leverage this investment to expand into new markets, scale its brands and pursue strategic acquisitions.
“Since Ares’ initial investment in 2022, we have worked closely with Ryan and his exceptional team to support their strategic vision for CHG as an industry leader and innovator,” Brad Friedman, partner at Ares, said. “This latest investment reflects our strong conviction in the business and the exciting opportunities ahead, and we look forward to supporting CHG as it continues to differentiate itself with the premium spaces, experiences and talent that clients seek.”
Jake Gladstone, partner and co-head of research for TPG Credit Solutions, said, “We’re excited to partner with Convene Hospitality Group’s exceptional management team and existing investors to support their next phase of global growth. Our investment underscores our confidence in CHG’s proven multi-brand strategy and its ability to meet the growing demand for high-quality, flexible meeting and event spaces globally, solidifying their leadership in the evolving hospitality market.”
Moelis acted as exclusive placement agent for CHG in this transaction.
