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| Magnuson Hotel and Conference Center, Tyler, TX |
SALISBURY, MD, April 10, 2013—Marshall Hotels & Resorts,
Inc., a leading hotel management and services company that operates properties
nationwide, today announced that it
added four hotel managements contracts and one country club management
engagement in the 2013 first quarter.
The property locations range from Tyler, TX to Binghamton, NY.
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| Michael Marshall |
“We have noticed a sharp uptick in local and regional banks
wanting to dispose of lender-owned assets that require major renovations and
are in danger of losing their franchise flags,” said Mike Marshall,
president and CEO. “Lenders are at the
decision point to either hold the troubled asset that currently is losing money
and wait for the hotel economy to improve further or sell now.
“The Catch-22 is that many of these hotels require an
immediate major capital infusion to maintain their franchise flag or remain
competitive,” he noted.
“That carries more
risk than many lenders are willing to take which is leading to more of these
troubled assets coming to market.
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| Ramada Vineland, Vineland, NJ |
“Savvy investors see the value on a risk-adjusted basis and
realize that these properties typically are deep turnarounds that require
repositioning and re-energized management, which is one of our key
strengths.”
The five new management contracts include:
- Magnuson
Hotel & Conference Center, Tyler, TX, 159 rooms.
- Ramada Vineland, N.J., 103 rooms.
- Fernwood
Hotel and Convention Center, Bushkill, PA, 128 rooms.
- Vestal
Hills Country Club, Binghamton, N.Y., 215 acres.
- Former
Quality Inn Hotel, Carmel Church, VA.
For a complete copy of the company’s news release, please
contact:
Pat Daly, Jerry
Daly, media
Daly Gray Public Relations
(703) 435-6293
.
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