CHARLOTTE, NC and MYRTLE BEACH, SC, Feb. 1, 2012—Strand Development Co., LLC, a major third-party hotel operator, today announced plans to expand further into the Midwest and to the West Coast within the next three to five years.
In the past 24 months, the company has extended its management reach well beyond the Carolinas, adding hotels in Virginia, West Virginia, Pennsylvania, Maryland, Georgia, Tennessee, Alabama, Mississippi, Louisiana and Michigan to its growing management portfolio.
“2011 was a breakout year for Strand,” said John Pharr, president of Strand Development, Co., LLC. “We transformed from a narrowly focused company managing hotels in a handful of states to a hotel operator with a geographically diversified, 70-hotel portfolio in 12 states and a solid footprint east of the Mississippi.
“We have significantly upgraded our proprietary management systems and infrastructure, not only to provide improved service for our existing clients, but to prepare for continued, measured expansion on an on-going basis.
“Our goal is to grow by approximately 20 to 30 percent annually, focusing on further filling out our managed portfolio east of the Mississippi, especially the Midwest, Florida and the Gulf Coast, and eventually expanding westward, to become a truly national operator.”
Pharr said that Strand’s business model is to remain a “pure” hotel management company. “Most other major hotel management companies have multiple divisions,” he said. “Today it is not uncommon for third-party operators to own, operate, develop and even broker hotels.
“We believe this diversification may be good for the operator but deflects their attention away from the reason they were hired…to manage the hotel. With our business model, I don’t have to worry about paying mortgages on Strand’s hotels; instead I’m able to focus on making sure that our owners can pay theirs.”
Contact:
Chris Daly
President
Daly Gray, Inc.
Ph: 703-435-6293
Cell: 703-864-5553
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