Target Lodging Enters into Agreement to Operate and Manage Signor Lodging
Agreement Expands Target Lodging’s Network in Permian and Anadarko Basins
THE WOODLANDS, TEXAS (September 10, 2018) – Target Lodging, one of the largest providers of turnkey accommodations and hospitality solutions in North America, has entered into a lease and services agreement with Arrow Bidco, LLC (“Arrow”), a wholly owned subsidiary of funds managed by TDR Capital, to operate and manage the business and assets of RL Signor Holdings, LLC (“Signor Lodging”) on Arrow’s behalf. Arrow acquired Signor Lodging on September 7, 2018.
With the agreement, Target Lodging’s Permian Basin lodging network includes Texas lodges in Mentone, Barnhart, Odessa, Kermit, Midland, Orla, Kenedy and Pecos, along with New Mexico lodges in Carlsbad and Jal, representing 15 communities and 8,500 beds in the Permian Basin. The agreement additionally provides Target Lodging with one lodge in the Anadarko Basin located in El Reno, Oklahoma.
“This agreement increases Target Lodging’s position in the prolific Permian Basin and expands our presence in the Anadarko Basin. Signor's nine lodges in these basins perfectly complement our existing footprint and broaden our offerings to these attractive markets, enabling us to deliver more flexibility to our current and future customers,” said Target Lodging President and Chief Executive Officer, Brad Archer.
“Our two companies share a common commitment to helping our customers realize their full potential by delivering a safe and comfortable environment outside of the 12 hours they are on the job,” said Andy Aberdale, Target Lodging’s Chief Financial Officer. “This agreement makes Target Lodging the top choice for employers and their workers operating in any of the U.S. shale basins. As we align the activities and offering of Signor Lodging to the rest of our U.S. network, our customers’ needs will continue to drive our business, and we will remain keenly focused on delivering the solutions they have come to count on.”
With the addition of Signor Lodging, Target Lodging currently owns and/or operates 21 communities in the United States with more than 13,000 total beds. CIBC Capital Markets acted as exclusive financial advisor to Arrow and its affiliates on the acquisition of Signor Lodging.
To see a complete list of Target Lodging communities, visit www.TargetLodging.com. About Target Lodging
Target Lodging, an Algeco company, is one of the largest providers of turnkey accommodations and hospitality solutions in North America. It operates globally in some of the most remote environments, supporting oil, gas and mining with workforce housing, mobile crew camps and extended-stay hotels; government departments and organizations with temporary lodging and refugee integration; and capital projects. Target Lodging was named by Inc. magazine in 2012 and 2013 as one of “America’s Fastest Growing Private Companies.” Visit www.TargetLodging.com or call (800) 832-4242.
About Signor Lodging
Signor Lodging, founded in 1990, specializes in superior remote workforce housing serving oil and gas customers throughout the Permian and Eagle Ford Basins. Signor Lodging operates nine properties across West Texas, Southeast New Mexico and Oklahoma. For more information, please visit http://www.SignorLodging.com.
Investor Relations Contact