Blackstone Growth has acquired a majority stake in M3, a hotel accounting software specialist, for an undisclosed amount.

Asian American Hotel Owners Association (AAHOA), which represents 20,000 hotel owners and 60% of hotels across the United States, invested in M3 alongside Blackstone. The investment will accelerate the company’s growth.

M3, which was founded in 1998, provides a back-office accounting software platform as well as labor management and business intelligence tech to more than 8,000 properties in North America.

John McKibbon, founder of M3, said, “Blackstone’s background in hospitality made them the natural choice as our first equity partner. Together, we look forward to propelling our innovation and growth to best serve our customers in an era of continued technological advancement.” 

Ramzi Ramsey, a managing director at Blackstone, said, “M3 has become a leading finance and accounting software platform for countless independent and family owned hotel operators, as well as some of the largest hotel management companies that have relied on its technology to support the professionalization and scale of their businesses. As M3’s first institutional capital partner, we’re excited to harness Blackstone’s deep expertise and network within the real estate and technology sectors to help enhance its product offering to better serve new and existing companies as M3 continues to grow.”

Miraj Patel, AAHOA chairman, said, “AAHOA is excited to make its first strategic investment alongside Blackstone, a move that will significantly benefit our members and the entire hospitality industry. This partnership with M3 will bring AAHOA members access to advanced technology and innovative solutions that can enhance operational efficiency and drive growth.” 

Earlier this year Blackstone Real Estate acquired United Kingdom-based Village Hotels which has 33 properties across the country. Just over a year ago, the company acquired events, meetings and hospitality technology provider Cvent.