Adrian JohnsonTLDR:
- Blackstone Growth has acquired a majority stake in M3, a hotel accounting software specialist, with the investment from the Asian American Hotel Owners Association (AAHOA).
- The investment will accelerate M3’s growth and allow them to better serve their customers through technological advancements.
Blackstone Growth has acquired a majority stake in M3, a hotel accounting software specialist, for an undisclosed amount. The investment was made in partnership with the Asian American Hotel Owners Association (AAHOA), which represents 20,000 hotel owners and 60% of hotels across the United States. This acquisition is expected to accelerate M3’s growth and enable the company to better serve its customers through continued technological advancements in the hospitality sector.
M3, founded in 1998, provides a back-office accounting software platform, labor management, and business intelligence technology to over 8,000 properties in North America. The partnership with Blackstone will allow M3 to leverage the company’s expertise and network in the real estate and technology sectors to enhance its product offering and support the professionalization and scale of its business. This marks the first equity partnership for M3, as Blackstone becomes their institutional capital partner.
According to John McKibbon, founder of M3, Blackstone’s background in hospitality made them the natural choice as their first equity partner. The collaboration is aimed at propelling innovation and growth to best serve customers in an era of continued technological advancement. Ramzi Ramsey, a managing director at Blackstone, expressed excitement about the partnership, highlighting M3’s leading position in finance and accounting software for independent and family-owned hotel operators. The investment is expected to help M3 better serve both new and existing clients as they continue to expand.
Miraj Patel, AAHOA chairman, expressed enthusiasm for the strategic investment alongside Blackstone, emphasizing the benefits it will bring to AAHOA members and the hospitality industry as a whole. The partnership with M3 is expected to provide AAHOA members access to advanced technology and innovative solutions that can enhance operational efficiency and drive growth. This acquisition follows Blackstone’s previous investments in the hospitality sector, including the acquisition of United Kingdom-based Village Hotels and events, meetings, and hospitality technology provider Cvent.
