Blackstone acquires resort accounting tech specialist M3

Blackstone Progress has acquired a majority stake in M3, a resort accounting software program specialist, for an undisclosed quantity.

Asian American Lodge Homeowners Affiliation (AAHOA), which represents 20,000 resort house owners and 60% of resorts throughout the USA, invested in M3 alongside Blackstone. The funding will speed up the corporate’s progress.

M3, which was based in 1998, supplies a back-office accounting software program platform in addition to labor administration and enterprise intelligence tech to greater than 8,000 properties in North America.

John McKibbon, founding father of M3, mentioned, “Blackstone’s background in hospitality made them the pure alternative as our first fairness companion. Collectively, we look ahead to propelling our innovation and progress to finest serve our prospects in an period of continued technological development.” 

Ramzi Ramsey, a managing director at Blackstone, mentioned, “M3 has turn into a number one finance and accounting software program platform for numerous impartial and household owned resort operators, in addition to a number of the largest resort administration firms which have relied on its know-how to assist the professionalization and scale of their companies. As M3’s first institutional capital companion, we’re excited to harness Blackstone’s deep experience and community inside the actual property and know-how sectors to assist improve its product providing to raised serve new and current firms as M3 continues to develop.”

Miraj Patel, AAHOA chairman, mentioned, “AAHOA is happy to make its first strategic funding alongside Blackstone, a transfer that may considerably profit our members and all the hospitality business. This partnership with M3 will carry AAHOA members entry to superior know-how and revolutionary options that may improve operational effectivity and drive progress.” 

Earlier this 12 months Blackstone Actual Property acquired United Kingdom-based Village Lodges which has 33 properties throughout the nation. Simply over a 12 months in the past, the corporate acquired occasions, conferences and hospitality know-how supplier Cvent.