|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dublin, OH – While the recession has taken a toll on commercial real estate and the hospitality industry – some businesses have been able to find a niche to providing services to deal with these distressed assets.
CWB Property Management, Inc., under the direction of principals William W. Wolfe and Kenneth Castrop, and the leadership of recently-named Vice President of Operations Connie Burkett, the 20 year-old full-service hotel management firm has expanded the company’s capabilities, portfolio and geography reach through their new special assets division.
Wolfe said CWB, headquartered in Dublin, OH, was founded in 1990 strictly as an owner-operator of hotels.
“About 10 years ago we started third party management for investment groups,” said Wolfe. “Our reputation and track record for improved operating performance and return on investment began to draw the attention of lenders seeking our management services for ‘special ‘or distressed assets.”
In March 2007, CWB hired Connie Burkett as Corporate Director of Revenue and Operations. Burkett has more than more than 20 years in hospitality management including, 17 years as a general manager for a variety of Marriott brands.
Wolfe said 2008 marked the start of unprecedented increase in distressed hotel assignments from lenders. CWB has since established a special assets division, led by Burkett, to assist lenders. Burkett is also overseeing the future developments of upscale limited service and full-service hotels.
Wolfe said the real strength of Connie's background is that she has worked in all segments of the hotel business including full service hotels and food and beverage.
“We have been successful in helping lenders eventually sell or otherwise dispose of several troubled assets,” added Wolfe. “CWB has developed a proven formula to get financially distressed assets under control, evaluate the physical condition, maximize market share and assist lenders in selling to third party buyers.”
"I am excited about the new role and the future of the company as we are growing and expanding,” said Burkett. “The economy was so bleak and we didn't know what the future would hold - but we are doing very well.”
The Ohio-based CWB has recently taken on 10 hospitality property assignments in Ohio, Michigan and Texas, and is currently under consideration for a New York State resort. The total portfolio now includes 21 properties in Ohio, Michigan, Indiana, Iowa and Texas. They represent internationally recognized brands such as Crowne Plaza, Hampton Inn, Holiday Inn, Holiday Inn Express, Quality Inn, Best Western and Baymont. For more information on CWB Property Management, Inc go to www.cwbpm.com.
|
 |
|
