Industry veteran Deno Yiankes launches Chimera Hospitality Corporation, a privately held investment and asset management firm focused exclusively on the lodging sector. The company has completed its first acquisition: the 95-room voco in Sarasota, Fla. in downtown Sarasota’s Rosemary District, in partnership with Intermountain Hotel Management, which will also manage the property. Other terms and conditions related to the sale were not disclosed.
Founded to capitalize on Yiankes' lodging investment experience, Chimera is focused on acquiring high-quality, differentiated properties in growing markets that it believes are not operating at optimal levels.
“Forming Chimera Hospitality is the culmination of the invaluable experience and learnings that I was fortunate enough to develop while leading White Lodging’s investment & development platform for more than 30 years” Yiankes, chairman and founder of Chimera Hospitality Corporation, said in a statement. “With the cost of capital trending favorably and many attractive urban markets being in an extended period of muted new supply, we believe this is an ideal time to launch Chimera.”
“The acquisition of the voco Sarasota reflects our strategy of targeting well-located, high-quality hotels that can be further optimized through active asset management,” said Alex Yiankes, vice president of Chimera Hospitality. “A partnership with best-in-class Intermountain Hotel Management on this transaction ensures that the property will benefit from experienced, hands-on operational leadership as we work together to maximize its performance and long-term value.”
Built in 2006 and fully renovated in 2024, the property has 95 guestrooms and suites, an underground parking garage, an outdoor pool, a 24-hour fitness center, an Offshore Tapas & Wine Bar, and over 1,100 square feet of flexible meeting space. The property is located adjacent to the $2.5 billion Quay Waterfront District development in downtown Sarasota.