Waterford Hotel Group has merged with Maverick Hotels & Restaurants, expanding the combined portfolio to more than 55 properties. The move comes as Waterford celebrates its 40th anniversary, marking both a milestone and a shift toward future growth.
“We don’t see this as a transaction,” said Bob Habeeb, founder/CEO, Maverick Hotels & Restaurants. “The industry right now has a lot going on where transaction means bulking up revenues and gutting costs and that wasn’t our motivation. Our motivation is to look at our companies, our values and how we could improve both.”
Waterford ended 2025 operating 40 properties, while Maverick added nearly 20 more. The combined entity now manages a portfolio that includes full-service hotels, convention centers and boutique inns across multiple regions. Maverick’s properties stretch from New England to the Midwest, with a concentration in Chicago, while Waterford maintains a strong presence in the Eastern U.S. with expansion into the South Central and Midwest regions. The portfolio includes Marriott- and Hilton-branded hotels, as well as New England inns.
“Last year, we set an ambitious goal to reach 50 hotels within two years—a milestone we have now surpassed,” said Len Wolman, chairman/CEO, Waterford Hotel Group. “This merger marks an exciting new chapter for Waterford and Maverick, strengthening our ability to drive performance, expand recognition and fuel long-term growth.”
Company leaders said culture alignment played a central role in the decision to merge. Both firms cited their emphasis on employee engagement and development as a primary factor in moving forward with the partnership.
“We have two primary constituents to really think about and take care of—our owners and associates,” said Wolman. “And then, it has to be the right cultural fit.”
Habeeb said that alignment was evident during property visits prior to the merger, pointing to employee engagement as a key indicator.
“When I walked into one of the hotels and the housekeepers couldn’t wait to see me, that means I’ve done a good job,” he said. “That’s the culture that we try to permeate through the organization—that the people who are part of our are our most important asset.”
Following the merger, Maverick continues to operate as a distinct business line alongside Waterford, with the company’s headquarters remaining in Chicago and Connecticut respectively. Leadership said no workforce reductions were planned as part of the integration and that the companies intend to evaluate operational strategies over time.
“Maverick continues to operate,” Habeeb said. “We intended to be very deliberate about everything we did. We’re operating two business lines… and over time, we’ll then keep re-examining our business philosophy, our business strategy and determining where it makes sense to do things to make the company better.”
Executives also cited operational advantages, including shared resources and expanded development capabilities. Habeeb noted that Maverick’s pipeline includes several ground-up development projects that could benefit from the combined platform.
The merger coincides with Waterford’s 40-year anniversary, which Wolman said highlights the company’s focus on career growth and organizational culture. He pointed to long-tenured employees and internal advancement as defining elements of the company’s history.
Waterford plans to commemorate the milestone during its annual leadership conference in the fall, which will bring together leadership teams from the corporate office and properties across both Waterford and Maverick. Company leadership said the event will serve as an opportunity to celebrate the anniversary while strengthening collaboration across the newly combined organization.
“The thing that motivates me is to recognize the careers we’ve created with our and what they’ve been able to do for themselves and their families,” he said, noting examples of employees who have worked with the company for decades.
Habeeb said Waterford’s longevity presented an opportunity for Maverick, which was founded in 2018, to pair entrepreneurial approaches with established operational experience.
“The real opportunity here is how we take everything we’ve created over time with what they’ve done and take the best out of both companies to ultimately form the right platform foundation to really plan and grow for the future,” Wolman said.
Both leaders said that future success will be measured less by portfolio size and more by stakeholder satisfaction.
“Our success will be that we’ve got happy owners, happy customers, happy teammates and that we’ve built something that we can be very proud of,” Habeeb said.
Wolman added that the merger represents a broader evolution for Waterford. “The merger really represents Waterford honoring its past while investing in the future,” he said.
