Hotel Manager Aimbridge to Expand Into All-Inclusives After $1.1 Billion Restructuring

Aimbridge Hospitality, the world's largest third-party hotel management company, said this week it would establish a new division in Miami to manage all-inclusive resorts, an effort to get back to growth after a financial restructuring that cleared out more than $1 billion in debt.

"We may have lost our way for a little while," said Aimbridge CEO Craig S. Smith, who joined last year to lead the turnaround.

Aimbridge targets a huge market. Major hotel groups such as Marriott and Hilton have largely exited direct hotel management in favor of franchising. Aimbridge had been on a growth tear, mostly through acquisitions, yet the pandemic's disruptions made it harder to service its debt.

Smith, who spent 35 yea