Organic Growth
Pair Of Management Companies Expand Portfolios Through Development In Specific Regions
While many hotel management companies have been growing through large-scale acquisitions, a pair of operators expanded this week organically in specific regions through long-term partnerships and development deals.
Tom Luersen, president of CoralTree Hospitality, announced that the company is expanding its portfolio with Tavistock Development Company after the launch of the Lake Nona Wave Hotel, which opened in December 2021. CoralTree now also manages four of the development company’s Marriott branded properties in Lake Nona including a Courtyard, Residence Inn, SpringHill Suites and a new Aloft Hotel, which is scheduled to open in the fall of 2023.
“It’s a great compliment when owners choose to expand their partnership with us,” stated Luersen in a press release. “We’ve had a great relationship with Tavistock throughout the opening of the Lake Nona Wave Hotel and look forward to supporting the development company’s four Marriott hotels in Lake Nona as well. It’s an exciting time with Tavistock as we continue to build our partnership in the Orlando area.”
CoralTree started working with Tavistock in late 2020 when the management company was entrusted with opening the 234-room Lake Nona Wave Hotel, the centerpiece to the Lake Nona community urban core. The four additional branded hotels represent 562 more rooms under CoralTree’s management. Each of the Lake Nona hotels under CoralTree management ranks at the top of their brand throughout the United States with the Courtyard by Marriott Orlando Lake Nona ranked No. 4, the Residence Inn by Marriott Orlando Lake Nona is No. 12 in the Americas and the SpringHill Suites by Marriott Orlando Lake Nona is rated No. 13.
Located minutes from Orlando International Airport, Lake Nona is a convenient destination for the more than 40 million passengers traveling though Florida’s busiest airport each year. Created by Tavistock, Lake Nona is built on partnerships and one-of-a-kind experiences that bridge the connection between live, work, stay and play, according to the company. It is an environment designed for people, institutions and businesses to thrive.
Meanwhile, Maverick Hotels and Restaurants has augmented the company’s expanding portfolio with the addition of three hotels in the metropolitan Chicago market. Robert Habeeb, founder and CEO of Maverick, made the announcement.
The Prairie Lakes Resort is located 28 miles from downtown Chicago and 30 minutes from O’Hare International Airport. Featuring soaring Frank Lloyd Wright inspired architecture, the 308-room hotel brings classic Chicago and Midwestern hospitality together under one roof, according to the company. The hotel also includes 7,000 sq. ft. of flexible meeting space and the unique Cave Bar located in the atrium.
Maverick also recently broke ground on the 135-room Hampton Inn & Suites by Hilton Illinois Medical District – Chicago. Developed in conjunction with Eastlake Management, the hotel will open in Fall 2023.
The Holiday Inn Chicago – Elk Grove in Elk Grove Village, IL features 160 guest rooms with triple-sheeted bedding and plush-top mattresses. Each room also includes a work desk with an ergonomic chair, free high-speed wireless Internet access and a 37-inch HD LCD TV. Other features include a complimentary fitness center, heated indoor pool and five meeting rooms with 7,500 sq ft of meeting space.
