Thursday, June 3, 2010
Marshall Hotels & Resorts, Inc. Founder Chuck Marshall to Retire July 1 on 30th Anniversary of Hotel Management Company
SALISBURY, MD, June 3, 2010–Charles “Chuck” Marshall, (top right photo) founder and chairman of Marshall Hotels & Resorts today announced plans to retire from day-to-day activities on July 1, 2010, the 30th anniversary of the founding of the company.
He will become chairman emeritus of the company, actively engaged on the board of directors, and become a consultant to the management company.
Mike Marshall, (middle left photo) company president and CEO, will continue to oversee the company’s growing operations.
Marshall founded the company in 1980, beginning initially as a developer/syndicator with three hotels.
The company today manages more than 60 hotels and resorts in segments ranging from upper upscale to limited-service.
“We have grown to be among the 25 largest independent management companies in the U.S. in the past 20 years and still have growth opportunities ahead of us.
“The cornerstone of our success is developing a tailored strategy and plan with aggressive, but realistic budgets, and then sticking to them,” he noted.
“The budget is our bible, and we adhere to it religiously. We don’t start with the top or bottom line; we begin with what is honest and achievable. We then monitor our budgets daily and adapt to changing market conditions, which allows us to focus clearly on maximizing profits and controlling costs.”
Marshall worked his way through Oklahoma State University as a cook in area restaurants and hotels.
Upon earning a degree in hotel and restaurant management, he began his 46-year hospitality management career as an assistant general manager of the Golden Ox (centered photo below) restaurant in Kansas City.
He entered the hotel industry as a general manager of a Ramada Inn in Wichita Falls, Texas at age 24. Over his 40-plus-year career, received numerous awards for operating excellence, including Sheraton’s “Manager of the Year” and the “Distinguished Achievement Award from the International Franchise Association.” The company’s managed properties consistently win awards from brands for operating excellence.
“The hotel business has a great future, but has a lousy memory," he says.. "This is the third time the industry has suffered a significant number of bankruptcies in my career, due to over-leveraging and over-building. Hopefully, we’ll learn this time and be more realistic in the future. The keys to hotel profitability are location and good management.”
“He has an uncommon ability for finding the right solution to the thorniest of problems and is a great teacher on how to maximize hotel returns and control costs,” said Mike Marshall.
“Fortunately, we’ll be able to call on his experience and expertise on a consulting basis. He raised the bar for hotel management and established our company’s reputation as an industry leader. He definitely is going out on a high note.”
Contact: Jerry Daly, media, Daly Gray Public Relations, (703) 435-6293, email@example.com
Andrew Mays (bottom left photo) , a vice president investments and a director of the firm’s National Multi Housing Group (NMHG) in Atlanta, and Paul Vetter, an associate vice president and also a director of the NMHG in Atlanta, represented the appointed receiver in the sale, JMG Realty.
“We received 19 offers for the property in less than 30 days of marketing,” says Vetter. “We responded to the top eight offers and just three weeks from the best and final offer round we selected an all-cash buyer.”
The units are all-electric and are equipped with central heat and air. Unit amenities include full kitchens with separate dining areas, private patios for townhome units and screened-in balconies for the garden-style units. Community amenities include lush landscaping and two swimming pools with large deck areas.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
ORLANDO, FL (June 3, 2010): Greg Morrison, (top left photo) CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of three office lease transactions totaling 11,081± square feet.
The landlord in this transaction was represented by Moses Salcido (bottom right photo) of Southern Commercial Real Estate Advisors.
Contact: Buffy Gillette, Phone: 407.219.3500, Email: firstname.lastname@example.org
John Crossman to Moderate Panel at ICSC 500th Next Generation Celebration featuring Orlando Mayors Dyer and Crotty, Real Estate Experts
The evening program from 6 to 6:45 p.m. will be followed by a networking reception and entertainment that includes casino games, Crossman said.
Crossman said the conference is celebrating the 500th event held by the ICSC’s Next Generation Group of young real estate executives.
For more information, please contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, email@example.com
Justin Greider, Senior Associate, Crossman & Company/ICSC Southern Division Next Generation Chair, 407-581-6225; firstname.lastname@example.org;
Molly Delahunty, Crossman & Company, 407-581-6220 email@example.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, firstname.lastname@example.org.
SANTA ANA, CA (June 03, 2010) – Grubb & Ellis Equity Advisors, the primary real estate investment and asset management subsidiary of Grubb & Ellis Company (NYSE: GBE), announced today that it has eliminated potential internalization fees for the non-traded real estate investment trusts for which it provides advisory and management services.
Currently registered offerings affected by the policy are Grubb & Ellis Healthcare REIT II, Inc. and Grubb & Ellis Apartment REIT, Inc.
“We have taken this action because we believe it is in the best interests of the stockholders whom have invested in our real estate investment trusts,".said Thomas P. D’Arcy, (top right photo) chairman of Grubb & Ellis Equity Advisors and president and chief executive officer of Grubb & Ellis Company.
"This action further reinforces that Grubb & Ellis Equity Advisors is fully focused on working to provide superior returns to our investors and we believe our sponsorship philosophy will help build long-term brand value for Grubb & Ellis as a leading sponsor in the non-traded REIT sector.
“This decision clearly demonstrates our commitment to our partnership with the broker-dealer community, registered representatives and individual investors.”
Grubb & Ellis is the first major sponsor of publicly-registered, non-traded REITs to eliminate potential internalization fees, which are typically paid when a REIT matures to the point that its board of directors determines that the REIT should become internally managed. Between 2000 and 2007, seven non-traded REITs paid internalization fees ranging from $68 million to $375 million.
“Through this decisive action, Grubb & Ellis Equity Advisors directly aligns its interests with those of its non-traded REIT stockholders and demonstrates our commitment to the success of our investment programs.”
Publicly registered, non-traded real estate investment trusts raised approximately $58.7 billion in investor equity between 2000 and 2009. The industry is expected to raise between $7.5 billion and $8 billion in 2010, according to Robert A. Stanger & Company, which tracks the sector.
Damon Elder. Senior Director, Communications, Grubb & Ellis Equity Advisors, LLC, 1551 N. Tustin Avenue, Suite 200, Santa Ana, California 92705, 714.667.8252 ext. 52659, 714.975.2659 direct
714.356.1460 cell, http://equityadvisors.grubb-ellis.com/