Brookfield Asset Management has acquired Thayer Lodging Group, a privately held New York investment company specializing in hotel real estate. The latter will now operate as a subsidiary of the Toronto-based company.

Thayer states that it will continue to focus on its investment management, asset management and property management components as per usual.

“In Brookfield, we have found a partner that shares our optimistic view of the acquisition market for full service hotels in major markets worldwide, and provides access to an ongoing source of capital,” says Thayer co-founder Leland C. Pillsbury. “We look forward to moving quickly to leverage those advantages on many fronts.”

Thayer president Fred Malek adds: “At Thayer, we will continue to do what we have always done — acquire hotel real estate below replacement cost, and aggressively increase NOI (net operating income) by increasing market share, managing channels of distribution, and controlling costs.”

Since its founding in 1991, the Thayer Lodging Group has completed more than 40 hotel investments, equaling about $2.5 billion in acquisition value. According to the company’s website, some of its properties include the Hilton Los Cabos in Mexico and The Ritz-Carlton San Francisco.