Historically our growth has been driven by the development and acquisition of individual independent parking operators near major airports, but this transaction will allow The Parking Spot to dramatically and immediately increase our national footprint
Chicago, IL (Vocus) June 18, 2010
The Parking Spot announced its involvement in a venture that has acquired the near-airport parking facilities formerly belonging to Parking Company of America Airports (PCAA), establishing the country’s largest near-airport parking network. The Parking Spot will manage all of the PCAA facilities, including the AviStar, FastTrack and Sky/Park brands, as part of a combined portfolio that will stretch from coast-to-coast, and includes 69,000 parking spaces in 41 facilities at 25 airports across the country.
“Historically our growth has been driven by the development and acquisition of individual independent parking operators near major airports, but this transaction will allow The Parking Spot to dramatically and immediately increase our national footprint,” said Martin H. Nesbitt, Founder and Chief Executive Officer. “We’ve developed a hospitality-driven brand and culture we believe we can successfully infuse into the operating dynamics of the more than 20 properties that will soon bear our spots.”
The deal, which closed June 2, will create a presence for The Parking Spot in a variety of new markets, including all three New York-metro airports, Philadelphia, Denver, Oakland and San Francisco. In addition, The Parking Spot will add to its network the former PCAA facilities in cities it already serves such as Houston, Dallas, Atlanta, Phoenix and St. Louis. The facilities that operate under the AviStar, FastTrack and Sky/Park banners will be upgraded during this transition, with many being rebranded with the signature yellow-and-black spots beginning in 2011.
“Throughout the next six to eight months, our team will focus on improving the technology and infrastructure at these facilities so they are on par with The Parking Spot’s existing locations,” added Nesbitt. “We’re excited about welcoming thousands of guests to an entirely new level of service and convenience that is simply unmatched in our industry.”
Los Angeles-based Aurora Resurgence provided the majority of equity for the transaction with The Parking Spot and others providing the balance. Wells Fargo is providing debt financing for the transaction.
About The Parking Spot
The Parking Spot is the nation’s largest near-airport parking operator, providing service to and from airports around the country in distinctive spotted shuttles. Its footprint includes existing facilities in Atlanta, Austin, Dallas, Houston, Kansas City, Los Angeles, Nashville, Orlando, Phoenix and St. Louis and the former PCAA facilities in Chicago, New York, Newark, Philadelphia, San Francisco, Oakland, Denver, Memphis, Oklahoma City, Columbus, Pittsburgh and Buffalo. More information is available at http://www.theparkingspot.com.