Lark Hotels and Life House Team Up to Manage Lifestyle Properties

Lark Hospitality announced a joint venture Wednesday with Life House Hotels that will create one of North America's largest operators of independent boutique hotels.

Financial terms of the transaction were not disclosed. The companies said the venture will have a "nearly $1 billion portfolio" of small, lifestyle hotels with about 97 U.S. properties and 3,000 rooms.

Life House, backed by venture firms including Thayer Ventures and Inovia Capital, will remain "an important shareholder" in the joint venture, but Lark has a controlling interest. About 20 Life House employees will join Lark.

"The joint venture positions Lark to become North America's leading hospitality choice for hotels under 150 keys," according to Rob Blood, who founded Lark Hotels in 2012 and is now executive chairman of Lark Hospitality. Peter Twachtman is CEO.

The merger combines 50 hote