PALM BEACH, FL, Jan. 31, 2012—Officials of Island Hospitality Management LLC, one of the nation’s largest hotel management companies, today announced that Tim Walker (top right photo) has rejoined the company as president.
Walker will be responsible for executing a new growth strategy to double the size of the company’s managed portfolio over the next three to five years to approximately 150 hotels. Currently, Island manages a portfolio of 76 hotels for five different ownership groups.
To achieve its growth goals, the company will focus on forming strategic relationships with a limited group of institutional owners who require sophisticated operating and reporting systems and have a longer-term ownership model. Island plans to increase its ownership base from five ownership groups currently to approximately 10. The company will operate hotels within Island’s core competency—upscale extended-stay, select-service, and compact full-service hotels ranging in size from approximately 200 to 250 rooms.
“Island and its predecessor companies have a 25-year proven track record of operating in these segments with superior results,” Walker said. “Our portfolio has consistently achieved industry-leading RevPAR premiums, compared to its competitive set. Part of that success is due to our team of professionals who have an owner focus and work closely together to improve revenues and margins. Historically, our margins have averaged upwards of 40 percent.”
Walker spent the majority of his career at Island, where, over 17 years, he rose to the position of president. He served briefly as CEO of Innkeepers USA Trust, a private ownership group with more than 70 hotels, before rejoining Island.
He began his career with Promus Corporation, operating Embassy Suites-branded hotels. He has received numerous awards throughout his career from Marriott, Hilton and Starwood in guest satisfaction and sales and revenue management. He is on the Owners Advisory Committee of Hyatt House, formally known as Summerfield Suites.
Additional information is available on the company’s Web site, http://www.islandhospitality.com/.
Contact:
Jerry Daly, Carol McCune
(703) 435-6293
Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
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