FAIRFIELD, NJ—Hospitality CPM (Construction Project Management) announced that is has launched to help hotel owners manage the significant growth in required renovations. The company already is experiencing significant growth as the hotel industry continues to recover from the worst economic downturn in more than a generation.
The company represents owners’ interests throughout the design, planning, bidding and implementation of hotel renovation projects and new construction. Hospitality CPM (HCPM) was spun off as a wholly-owned subsidiary from Paramount Hotel Group, an independent hotel management and ownership company.
The company is led by Stephen Siegel (top right photo), president, a 25-year veteran of hotel development, renovation and construction. Siegel has completed more than $1.5 billion in hotel capital projects over the course of his career, including construction project management for 100 AmeriSuites, 35 Wellesley Inns and the annual capital improvement plan for the 225-hotel portfolio of Prime Hospitality Corp., a former NYSE company.
“As the hotel industry begins its return to normalcy, we foresee a significant wave of renovations triggered by accelerating hotel sales and franchisors becoming stricter in enforcing brand standards,” he said. “This surge in Product Improvement Plans (PIPs) is typical in this phase of the hotel real estate cycle.
“Renovations today are much more complex than they have ever been,” he noted. “Once, an owner could add new televisions and install rounded shower curtain rods to meet their PIP obligations.
“ Now, they must contend with ADA compliance, environmental, energy, governmental and tax issues, which makes the process much more challenging. Given our considerable experience and expertise, we saw a long-term opportunity to act as a completely separate operation and become more actively engaged with other hoteliers on renovation and construction projects.”
The company already is overseeing projects for a number of hotel companies, including RLJ Lodging Trust. Carl Mayfield, senior vice president for RLJ stated “We have been very impressed with the professionalism and personal attention provided by HCPM.”
For additional information about Hospitality CPM, please visit the company’s website at www.hospitalitycpm.com.
Contact: Jerry Daly or Lauralee Dobbins,(703) 435-6293 Lauralee@dalygray.com
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