Tuesday, October 18, 2011
year to date. Buyer interest in multi-housing assets in Central Florida has increased significantly.
For further information, please contact the Central Florida
Multi-Housing Group of CB Richard Ellis.
Shelton Granade, Senior Vice President, T 407.839.3103
Luke Wickham, Director of Operations, T 407.839.3130
Posted by Alex at 1:22 PM
NORWALK, CT, Oct. 18, 2011—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced several general manager promotions, transitions and appointments resulting from the acquisition of four hotels earlier this year.
Thomas Economos (top right photo) was appointed General Manager for the Sheraton Dallas North, a 309-room hotel acquired by HEI in May, 2011. Previously, he was the General Manager of the Le Meridien Dallas.
Jennifer Richards (top left photo) was appointed General Manager of the Le Meridien Dallas, filling the position vacated by Thomas Economos. Richards served as the General Manager of the Hilton Indianapolis North since 2009.
Rich Byrd joined HEI as General Manager, Hilton Indianapolis North.
Shannon Keaney (middle left photo) was promoted to General Manager of the Marriott Hunt Valley.
Tim Lusher (lower right photo) joined HEI as the General Manager for the Westin Pasadena, a 350-room hotel acquired in June, 2011.
Gordon Luster (lower left photo) was appointed General Manager of the Marriott La Jolla, a 360-room hotel acquired in July, 2011. Prior to this assignment, Luster was the General Manager of the Hilton Mission Valley.
“These appointments and promotions reflect the incredible career opportunities available to talented hospitality professionals at HEI.
" Our strategy of seeking out assets where we can leverage the experience of our multi-disciplinary owner/operator platform is creating growth opportunities for our people and our company,” said Ted Darnall, chief operating officer.
“All of these general managers have outstanding track records of creating exceptional guest and associate satisfaction, while positively impacting the hotel’s financial performance; the kind of performance that is HEI’s hallmark. I have every confidence that these individuals will continue to enhance our reputation for hotel management excellence.”
As part of the agreement, STORE Capital purchased 50 O’Charley’s restaurant properties and leased the assets back to O’Charley’s under long-term, triple-net leases. O’Charley’s announced that it will use the net proceeds from the transaction along with available cash to redeem $115.2 million of its senior notes.
Christopher H. Volk (top right photo), chief executive officer of STORE Capital commented, “O’Charley’s Inc. has a proven track record of operating a number of highly successful restaurant brands. We are proud of our ability to add value to O’Charley’s through our tailored and efficient sale/leaseback transaction and we look forward to the mutual benefits of a long-term relationship.”
David W. Head, president and chief executive officer of O’Charley’s Inc. commented, “We are pleased to commence a long-term real estate financing relationship with STORE Capital. This strategic transaction strengthens our financial position by virtually eliminating the debt on our balance sheet. STORE Capital provided flexible and tailored terms and was a pleasure to work with throughout the process.”
Mr. Volk and several of his longstanding colleagues, including Morton H. Fleischer, formed STORE Capital in May of 2011 to help owners of single-tenant, operationally essential real estate optimize their capital efficiency. Messrs. Volk and Fleischer along with the rest of STORE Capital’s management team have successfully invested nearly $10 billion in single-tenant operational real estate assets since 1981, and guided the formation and ultimate sale of two successful publicly listed REITs resulting in significant returns for their shareholders.
STORE Capital is a new-generation real estate investment trust principally backed by funds managed by Oaktree Capital Management, L.P. STORE’s mission is to address the long-term capital needs of real estate intensive operating businesses throughout the United States. Through tailored real estate lease and mortgage financing solutions, STORE’s aim is to create wealth for its customers by improving the capital efficiency of their businesses. For more information, visit http://www.storecapital.com/.
761 Main Avenue