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Island Hospitality Management Adds Seven
The deal includes six hotels owned by Chatham Lodging Trust and ups institutional investor commitment.
Tuesday, July 10, 2012
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Officials of Island Hospitality Management, LLC, one of the nation’s largest hotel management companies, today announced that it has added seven new contracts to its management portfolio. The properties include a six-hotel portfolio of Homewood Suites by Hilton hotels owned by Chatham Lodging Trust, a publicly traded REIT, and an Embassy Suites hotel recently acquired by Clearview Hotel Capital, LLC, a privately held hotel investment and advisory company.
“These contracts reflect our growth strategy of building strong relationships with a limited number of institutional investors, who require sophisticated operating and reporting systems and have a longer-term ownership model,” said Tim Walker, Island Hospitality’s president. “With these additions, we now operate hotels for seven different ownership groups. Our goal is to have relationships with approximately 10 institutional owners.
“We have the infrastructure in place to seamlessly take over portfolios of up 50 hotels and make an immediate impact on the bottom line,” he said. “This is our first contract with Clearview Hotel Capital and we look forward to the opportunity to build on that relationship.
“We have a track record, earned over more than 25 years, of delivering superior operating results for hotels in the upscale extended-stay, select-service and compact, full-service hotel segments,” he noted. “Our business model is to become the operator of choice for a select number of experienced owners who invest in those segments and want seasoned management expertise and long-term stability for their assets.”
The six-hotel portfolio includes the following Homewood Suites by Hilton: Dallas Market Center, 137 rooms; Farmington (Conn.), 121 rooms; Maitland/Orlando, 143-rooms; Billerica (Mass.), 147 rooms; Bloomington Mall of America (Minn.) and Brentwood/Nashville. The Embassy Suites Valencia (Calif.) features 156 two-room suites.
About Chatham Lodging Trust
Chatham Lodging Trust (NYSE: CLDT) is a self-advised REIT that invests in upscale extended-stay hotels and premium-branded, select-service hotels. The company currently owns 18 hotels with an aggregate of 2,414 rooms/suites in 10 states and the District of Columbia and holds a minority investment in a joint venture that owns 59 hotels with 7,702 rooms/suites. Additional information about Chatham may be found at www.chathamlodgingtrust.com.
About Clearview Hotel Capital, LLC
Headquartered in Newport Beach, Calif., Clearview Hotel Capital, LLC, is a privately held hotel investment and advisory company focused on acquiring and asset-managing hotels located in primarily urban and unique locations in high barrier-to-new-competition markets with multiple demand generators. Founded in 2007 by Jon Kline, the company has acquired hotels comprised of more than 2,500 rooms. Additional information may be found at www.clearviewhotelcapital.com.
About Island Hospitality
Headquartered in Palm Beach, Fla., Island Hospitality Management, LLC, is a third-party, independent management company. It operates approximately more than 80 hotels under six different brands, primarily premium select-service hotels, upscale, extended-stay properties, and upscale hotels, in 22 states and the District of Columbia. Additional information is available on the company’s Web site, www.islandhospitality.com.
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