- KKR purchased The Parking Spot, which operates 47 parking facilities near 28 major U.S. airports, from Green Courte Partners.
- The acquisition aligns with KKR’s strategy to tap into the booming travel market, driven by record-high passenger numbers and increased hotel demand.
- The Parking Spot’s well-established brand, known for its recognizable yellow-and-black shuttles, will continue to grow under KKR’s management, with plans for further expansion.
According to CoStar, global investment firm KKR (KKR) made a major move in the U.S. travel industry by acquiring The Parking Spot, the country’s largest operator of near-airport parking lots.
Strategic Move
The Chicago-based company operates 47 parking facilities near 28 major U.S. airports, offering travelers affordable off-site parking options and shuttle services to terminals. The deal, for an undisclosed amount, comes as the travel industry continues to show strength in passenger volumes and hotel demand.
The acquisition of The Parking Spot from Green Courte Partners aligns with KKR’s broader strategy of investing in sectors showing significant growth. Dash Lane, a partner at KKR, highlighted the company’s impressive track record, brand strength, and potential for further expansion.
KKR intends to leverage its resources to accelerate growth opportunities for The Parking Spot, which has already expanded significantly in recent years.
Record Travel Growth
The U.S. travel industry continues to experience a strong recovery. In June 2024, U.S. airlines carried nearly 90M passengers, setting an all-time record for monthly passenger traffic, according to the Bureau of Transportation Statistics.
Additionally, hotel demand surged during the summer of 2024, with 390M room nights booked between Memorial Day and Labor Day, making it one of the top three summer periods since 2000.
Expanding Parking
Since Green Courte Partners acquired The Parking Spot in 2011 for $360M, the company’s portfolio has grown from 17 to 47 properties. This expansion was driven by both acquisitions and ground-up developments, including the recent purchase of Park ‘N Fly, which added locations near key airports like Atlanta’s Hartsfield-Jackson International Airport.
The Parking Spot’s recognizable yellow-and-black branding, combined with its focus on convenience and affordability, has made it the go-to choice for many travelers seeking parking solutions outside of airports’ official lots.
What’s Next
While urban redevelopment projects have reduced the number of parking spaces in city centers, near-airport parking has remained essential for travelers. KKR sees substantial growth potential for The Parking Spot in this resilient segment of the real estate market.
The company plans to further expand its presence, especially as demand for travel-related services continues to climb.
