$19.45 Million Buys San Diego County Apartment Complex

Vista Lane Apartments, 1440 Second Avenue
 Chula Vista, CA

CHULA VISTA, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Vista Lane Apartments, a two-building 150-unit apartment complex in Chula Vista, Calif. The $19,450,000 sales price equates to $129,667 per unit.

            Christopher J. Zorbas, a first vice president investments in Marcus & Millichap’s San Diego office, represented the seller, the Kreutzkamp Revocable 2000 Trust, and the buyer, the Conrad Prebys Trust.

            “Vista Lane Apartments is a stable, well-maintained, garden-style apartment complex with considerable value-add potential,” says Zorbas. 

“The property’s strong location in an area with limited sites available for new multifamily construction creates a clear opportunity to enhance revenue with the implementation of a proven value-add strategy.”

Christopher Zorbas

            The complex is located at 1440 Second Ave., just north of Orange Avenue and near Broadway, the area’s dominant retail corridor, in Chula Vista, Calif. 

Nearby retailers include Costco, Walmart, Petco, Target, Michaels, Ross and Food-4-Less. Schools, parks and the Chula Vista Bayfront redevelopment project are also nearby. 

Upon completion, the Chula Vista Bayfront redevelopment project is expected to bring 2,000 jobs to the area. San Diego Gas & Electric park, 20-acre public park with soccer fields, a basketball court, picnic areas, gazebos and a children’s playground is less than a mile away.

            Situated within a park-like environment with numerous trees, green space and picnic areas, Vista Lane Apartments features controlled access entry, two swimming pools, two on-site laundry facilities, an on-site leasing office and ample open parking. 

The residences average 671 square feet. The unit mix is 111 one-bedroom apartments, 38 two-bedroom units and one three-bedroom apartment. Every unit interior is well appointed with ceiling fans, a fully equipped kitchen, laminate countertops and flat-panel cabinetry. Several units have been upgraded with stainless steel appliances, microwave ovens and new lighting fixtures.

 For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Ed Lyons Joins Colliers International South Florida's Expanded West Palm Beach Office

Edward Lyons

WEST PALM BEACH, FL, June 11, 2014 - Colliers International South Florida is pleased to announce that Edward Lyons, CRE has joined the firm as Senior Advisor in the newly expanded West Palm Beach office.

Ed is known as an accomplished senior executive and consultant with strong capabilities in operational leadership, strategic planning, market and sales development, and mergers and acquisitions in the commercial real estate industry.

 His track record spans more than 30 years in business development, both domestic and international, with expertise in structuring and growing companies to maximize opportunity through the integration of real estate services.

 "I hope to bring great value to Colliers and its clients, through the knowledge and experience gained, and the many institutional and corporate client relationships that I have had the privilege of building, over the last 30 years in the industry," says Ed.

"Ed's perspective as a global real estate leader provides our clients with unique insights and options," says Stephen Nostrand, CEO of Colliers International South Florida. "He has demonstrated that strategically executed plans result in more sustainable benefits."

For a complete copy of the company’s news release, please contact:

Crystal Proenza

Vice President of Marketing and Culture

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

HFF closes $38 million sale of northern New Jersey multi-housing community

Jose Cruz

HUNTERDON COUNY, NJ – HFF announced today that it has closed the sale of Presidential Place, a 150-unit, Class A multi-housing community in Lebanon, New Jersey.

               HFF arranged the sale in an off market transaction between Pizzo & Pizzo (seller) and Eagle Rock Multi-Family Property Fund (buyer) for $38 million or $253,000 per unit.

               Completed in 2011, Presidential Place is a luxurious community that features six-buildings with one-, two- and three-bedroom units that are 95 percent leased.

Mark Thomson

 Community amenities include a clubhouse with fitness center and swimming pool.  The property is located at 710 Presidential Drive about 45 miles west of New York City in Lebanon, New Jersey.  The property has visibility from Interstate 78 with convenient access to Interstate 287 as well as Routes 202/206, 31 and 22.

               The HFF investment sales team was led by senior managing directors Zac Pierce and Mark Thomson of HFF Philadelphia in collaboration with Jose Cruz of HFF’s New Jersey office.

“Eaglerock was a pleasure to work with and seamlessly executed this transaction in spite of a few challenges,” said Pierce.  “Each party achieved their desired result as Pizzo & Pizzo were able to sell an outlier property out of their portfolio, and Eaglerock was able to acquire the highest quality asset in the market.” 

Presidential Place, Lebanon, NJ

Pizzo & Pizzo is a New Jersey-based developer with a long tradition of building high quality assets in New Jersey and Pennsylvania with exceptional unit finishes and best in class amenity packages which is true for Presidential Place.

UOB Eagle Rock Multifamily Property Fund LP (the “Fund”) is a real estate private equity fund developed to make investments in U.S. suburban multi-family housing communities. 

  The Fund will focus on the New York metropolitan region, as well as communities along the densely populated Northeastern corridor of the United States, namely from Boston to Washington D.C. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Hold-Thyssen negotiates Lease Renewal Enterprise Plaza in Orange City, FL

      

Darby Hold

 WINTER PARK, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated a lease renewal for 1,360 square feet at Enterprise Plaza, 2499 Enterprise Rd. in Orange City.

 Darby Hold, lease consultant for Hold-Thyssen, negotiated the transaction on behalf of the Landlord, Florida Premier Group, Ltd., based in Rochester, Mich.

 The lease renewal commences Sept. 1 for tenant Southern Specialty Finance Inc., d/ b/a Check ‘n Go.  The tenant was not represented in the transaction. 

 Other major tenants at the Enterprise Plaza include Sherwin Williams, Beauty Alliance, E-Cig Depot and Arby’s.  

 Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com

Charles Dunn Company to Market Historic Mixed-Use Tower in Downtown Los Angeles

National City Tower, Los Angeles, CA

LOS ANGELES, CA, June 10, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has been selected to market National City Tower, a historic adaptive reuse development that includes 93 residential lofts, as well as ground floor and basement retail space.

  Built in 1924 and redeveloped in 2008, the 12-story, 118,162-square-foot property was the former branch of National City Bank. The property is being offered at $45 million and has a projected initial capitalization rate of 4.7 percent. 

Janet Neman and Bryan Glenn of Charles Dunn Company are the exclusive brokers to market the property on behalf of the private ownership, Los Angeles-based National City Towers, LLC.

“The timing for this property to hit the market couldn’t be better,” stated Neman. “The ground floor and basement retail space is now occupied by three restaurant tenants who are doing very well, drawing a strong base of residential and business customers.

Janet Neman

“Additionally, with the revitalization and regentrification of the market and high occupancy of the residential portion, a buyer will have the rare opportunity to own a stabilized, institutional grade, historic property in Downtown LA.”

Over the past 12 months, the retail portion of the asset has become fully leased. Terroni, a successful gourmet Italian restaurant chain opened its doors on the ground floor of the property.

Terroni consists of approximately 6,000 square feet of space and boasts floor-to-ceiling windows, dramatic French columns and an ornate ceiling. 

The basement space totaling nearly 4,200 square feet of space which is accessible from the street, is also fully occupied.

Tenants include Peking Tavern, a restaurant and bar that serves Northern Chinese cuisine and a unique cocktail menu, and Crane’s Downtown Bar, which is located in the original vault of National City Bank and utilizes the vault door as it entry.

“With pent up demand and capital seeking trophy assets in core markets, we have already been garnering a significant amount of interest from a wide range of potential buyers including those in 1031 Exchanges, foreign investors and institutions,” commented Glenn. “National City Tower also offers the opportunity to add value as the rents are currently below market rates.”

Bryan Glenn

Located in the heart of the Historic Financial District at 810 South Spring Street, the tower was designed in the Beaux Arts style. In 2008, it was redeveloped and elegantly transformed into one of Downtown’s finest in luxury living loft developments. 

National City Tower’s 93 residential units include 12 studios, 61 one-bedroom units, 16 two-bedroom units, two, two-bedroom penthouses and two three-bedroom penthouses. Unit sizes range from approximately 617 square feet to the largest two-story, penthouse unit of approximately 1,884 square feet.

The open floor plans offer maximum flexibility in design and arrangement to the resident. Units are characterized by their high ceilings, gourmet kitchens, dramatic views, polished concrete floors, and elegant, modern finishes.

Abundant windows create unparalleled light throughout the units and give way to exquisite unobstructed views of the Downtown Los Angeles skyline. The property features attractive amenities that include a rooftop garden, spa and barbeque surrounded by city views, as well as a fitness and media room.

Adding to the attractiveness of the investment, National City Tower is a property that benefits from The Mills Act Historical Property Contract Program allowing qualifying owners to receive a potential property tax reduction and use the savings to help rehabilitate, restore and maintain the building.

Terroni Restaurant, Downtown Los Angeles, CA

According to a 2013 Annual Report by the Los Angeles Downtown Center Business Improvement District, of the $17.3 billion dollars invested in Downtown between 1999 and 2013, the largest percentage of that – more than $6 billion – was represented in residential building, followed by $5.2 million in mixed-use building as the area’s population has grown from 18,700 residents in 1999 to 53,320 residents in 2013.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

FrontDoor Communities Hires Kelly Scibona as Director of Architecture

Kelly Scibona

ATLANTA, GA (June 10, 2014) – FrontDoor Communities announced today it has brought on Kelly Scibona as Director of Architecture. In this role, Scibona will develop and manage the firm’s architectural portfolio, manage architectural resources and uphold architectural integrity of all FrontDoor designs.

“As FrontDoor Communities continues to grow its presence in Georgia, we are seeking out the best in the industry to grow our team,” said Terry Russell, chief executive officer of FrontDoor. “Kelly Scibona’s proven leadership abilities make her the perfect person to take on the role of Director of Architecture.”

Scibona started her own firm in 2009 where she focused on sensitive renovations and additions to historic homes. She previously held project management positions with Pak Heydt and Associates in Atlanta and A Classical Studio for Residential Architecture in Norcross, Ga.

“Scibona’s commitment to quality design mirrors that of FrontDoor’s,” Russell said. “Her talent and industry knowledge will be a tremendous asset to our firm.”

Terry Russell

Scibona earned a bachelor’s degree in architecture from the University of Notre Dame. During a year-long program in Rome, she traveled extensively through Europe studying classical architecture.

Scibona will be based at FrontDoor’s headquarters in Atlanta. FrontDoor has communities in metro Atlanta; Orlando; Naples, Fla., and Charleston, S.C.

For a complete copy of the company’s news release, please contact:

M.C. Rhodes • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0274  • M: 678-983-5867

thewilbertgroup.com

New Castle Hotels and Resorts Outlines Continued Growth Plan

  

Gerry Chase

SHELTON, CT,  June 10, 2014—New Castle Hotels and Resorts (NCHR), a leading developer, owner and operator of upper upscale hotels and resorts, today announced the second wave of an ambitious, year-long growth trajectory that included launching one brand in Canada, debuting another brand in a new state and setting the stage for additional growth along the entire North American eastern seaboard.  

            "Over the past six months, we introduced the Westin brand to Maine with the renovation of the Eastland Park hotel and the unveiling of Rockbridge's Westin Portland Harborview,” said Gerry Chase, president and COO.

“We followed that up with the re-opening of the Algonquin in New Brunswick, which marked the debut of the Autograph Collection in Canada.

“Additionally, working with Rockbridge, we recently added management of The Cliff House, another of Maine's historic landmark hotels, to our portfolio. Rockbridge has made a significant commitment to iconic Maine hotels and we're very proud to be developing these landmark hotels with them.”

            "We're now adjusting our sights southward to further diversify our portfolio," Chase added.  "These upcoming projects represent a cross section of our development and operational strengths, emphasizing our resort area expertise and leveraging our management bench strength and deep brand knowledge."

For a complete copy of the company’s news release, please contact:

Lauralee Dobbins

Daly Gray, Inc.

703-435-6293

Lauralee@dalygray.com

Southern Lodging Summit to Host 12th Annual Conference Aug. 19-20 in Memphis, TN

Chuck Pinkowski

MEMPHIS, TN, June 10, 2014—Officials of the Southern Lodging Summit, an annual gathering of hoteliers specializing in development and operations in the southern United States, today announced it will host its 12th annual conference August 19-20 in Memphis, Tennessee. 

The day-and-a-half conference will kick off with the organization’s signature luncheon at the world famous Rendezvous BBQ Restaurant that provides conference-goers with an opportunity to network and interact with the roster of industry notables scheduled as speakers.

“Virtually all sources, from industry proponents to Wall Street, agree that the hospitality industry is enjoying pre-Recession levels of success, from increased occupancy to growing room rates,” said Chuck Pinkowski, owner of Pinkowski & Company and conference co-founder.

 “The Southern Lodging Summit allows those interested in the hospitality industry the opportunity to gather and share best practices while simultaneously networking with some of the most respected names in the business.”

For a complete copy of the company’s news release, please contact:

Chris Daly, media

(703) 435-6293

chris@dalygray.com

Franklin Street sells Tuffy Auto Center, Dairy Queen for $2.3 Million in Wesley Chapel, FL

Rafael Wright

TAMPA, FL (June 10, 2014) —Franklin Street announces the sale of a Tuffy Auto Center and Dairy Queen for $2,350,000 at $449 per square foot. This sale represents the second half of a 1031 exchange.

 Rafeal Wright, CCIM and Jonathan Graber, CCIM represented the Seller, J&J Wesley Chapel LLC, an Illinois limited liability company. Franklin Street also procured the buyer, a Kentucky Corporation with an office in Bowling Green, Ky.

 “There was a great amount of interest created in a very small window of time – going under contract in only two weeks,” Wright said. “Many investors are chasing the safest deals with solid underlying real estate. Many of the buyers we are seeing are exchanging into more passive-style investments with little-to-no owner responsibility.”

 Graber mentioned the seller achieved their full asking price, even with the quick closing.

 “The sale was a win-win for both parties,” Graber said. “As part of the last deal in a 1031 exchange, the buyer found a great opportunity in an income tax-free state that included attractive rental increases every five years including options.”

Jonathan Graber

 Built in 2001 and 2002, the retail center is located along State Road 54, half a mile west of Interstate 75 at 27329 Wesley Chapel Boulevard in Wesley Chapel, Fla.

 The property is near major retailers Best Buy, Dick’s Sporting Good, Cobb Theaters, Winn-Dixie, and Publix Supermarkets. 

Major fast-food concepts are in proximity as well including Outback Steakhouse, McDonalds, Applebee’s, Cracker Barrel, Dunkin Donuts and Wendy’s. This area of Pasco County is also near such attractions as the Grove, Wiregrass Mall and Simon’s Future Outlet Mall. 

For a complete copy of the company’s news release, please contact:

Kelsy Pazur

813-839-7300, ext. 337

Kelsy.Pazur@FranklinSt.com

@FranklinST_llc

Pyramid Hotel Group Adds Depth to Asset Management Expertise; John Green Rejoins Company as Senior Vice President

  

John Green

BOSTON, MA, June 9, 2014—Officials of Pyramid Hotel Group, one of the nation’s largest, independent, hotel management and asset management companies, today announced John Green has rejoined the company as Senior Vice President, Asset Management, adding significant depth to the company’s senior management team.

  He will join a robust team of asset management professionals as Pyramid grows its asset management portfolio. He will be responsible both for the growth and servicing of new relationships.

“We bring the same attention to detail to our responsibilities as asset managers for hotels operated by other companies, as we do to the hotels we operate,” said Richard M. Kelleher, Pyramid’s principal and chief executive officer.

 “We are delighted to welcome John and his more than 30 years of operating experience back to Pyramid.  His extensive background in owner relations, brands and asset performance coupled with extensive operations experience combine to create a unique strength to improve asset value.

 His background includes expertise with the full gamut of all the leading brands from luxury to focused-service and numerous independent and boutique hotels and resorts throughout the United States, Caribbean, Canada and Central America. 

Richard M. Kelleher

He has hands-on experience in all aspects of hotel ownership/operations from acquisition to exit strategy, repositioning and refurbishment, brand selection, cost controls and building sustainable profitability.  His well-deserved industry reputation and strong owner relationships will further strengthen our asset management group.”

Prior to rejoining Pyramid, Green was senior vice president of Wyndham Hotel Group Management’s hotel portfolio for the Wyndham Hotel Group.

 During his tenure, the group expanded from 14 to 50 hotels, generating more than $450 million in 2013 revenues.  Concurrently, he was brand senior vice president of Wyndham Hotels and Resorts, accountable for the Wyndham Hotels and Resorts franchise system, handling license partner relations and growing the group from 60 to 100-plus operating units. 

He previously was senior vice president and managing director of Pyramid Hotel Group where he was responsible for half of the owned and managed hotel portfolio in the eastern United States. 

  

For a complete copy of the company’s news release, please contact:

Chris Daly

Daly Gray

(703) 435-6293

chris@dalygray.com

Charles Dunn Completes $22 Million Sale of 201-Unit Multifamily Property in Panorama City, CA

Hamid Soroudi

 LOS ANGELES, CA, June 9, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $22 million sale of a 201-unit  multifamily property located at 9010 Tobias Ave. in Panorama City, Calif.

Hamid Soroudi, senior managing director, of Charles Dunn Company represented the seller, Tobias Partners, LP, a private investor from Los Angeles.  The buyer was PJCF-T2, LLC, a Los Angeles-based private investor. The property sold at a cap rate of 5.3 percent and at a per-unit price of $109,543. 

              Built in 1972 and situated on 2.4 acres, the asset includes 102 one-bedroom/one-bathroom units, 51 studio units, and 48 two-bedroom/two-bathroom units. 

The four-story property includes two elevators, center courtyard that includes a pool and spa; recreation room and gym; controlled access; and semi-subterranean parking spaces. Many of the units have been recently renovated.

              “The Panorama City multifamily market is strong with vacancies currently under 3 percent and no new development underway,” said Soroudi. “The buyer was able to acquire a quality asset and has an upside potential of gaining additional income as rents roll and are brought up to market rates.” 

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

HFF closes sale of Hoboken, NJ Class A multi-housing property

Jose Cruz

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Curling Club Apartments, a 240-unit, Class A multi-housing community in Hoboken, New Jersey.

               HFF marketed the property on behalf of PNC Realty Investors, Inc., as investment advisor to the AFL-CIO Building Investment Trust.  The property was purchased free and clear of existing debt.

               Curling Club Apartments encompasses a full city block in the uptown Hoboken submarket between Grand and Adams Streets and 12th and 11th Streets as well as the northern half of the block between Clinton and Grand Streets and 12th and 11th Streets. 

Kevin O'Hearn

Completed in 1999, the property consists of four five-story residential buildings above a single level parking garage as well as a free-standing, single-story clubhouse and an interior courtyard.  All of the apartments are two-bedroom, two-bathroom units. 

Community amenities at the pet-friendly residence include a fitness center, resident’s lounge, storage units and garage parking.  Residents also benefit from shuttle service to the PATH station.

Michael Oliver

               The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Michael Oliver out of the New Jersey office and Andrew Scandalios and Jeff Julien from the New York City office.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of two office/R&D buildings in Pleasanton, CA

Steven Golubchik

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of Arroyo Center, two office/R&D buildings totaling 104,741 square feet in Pleasanton, California.

               HFF marketed the properties on behalf of the seller, a joint venture between Cannae Partners and certain affiliates of Westport Capital Partners LLC.  Embarcadero Capital Partners, LLC purchased the assets for an undisclosed amount free and clear of existing financing.

               Arroyo Center is located at 5758-5794 W. Las Positas Boulevard within the Hacienda Business Park between Walnut Creek and Silicon Valley in Pleasanton.

 The 6.69-acre site is within 1.5 miles of the Dublin-Pleasanton BART station and less than two miles from the 1-580 and 1-680 interchange providing access to the greater San Francisco Bay area.

 The properties were renovated in 2013/2104 and are fully leased to two tenants: Hewlett-Packard and Gatan, a subsidiary of Roper Industries.

John Simerlein

               The HFF investment sales team representing the seller was led by managing director Steven Golubchik and director John Simerlein.

Westport Capital Partners LLC is a real estate investment firm specializing in the opportunistic real estate arena. Westport provides domestic and international investment opportunities to institutional and private clients.

Through its various funds, the firm invests in a wide variety of distressed and opportunistic real estate assets. The firm has offices in Los Angeles, CA, Wilton, CT and London, England. For more information regarding Westport Capital Partners LLC, please visit http://www.westportcp.com/.

Embarcadero Capital Partners is a real estate investment and management firm based on the San Francisco peninsula. The firm invests in dynamic, development-constrained U.S. markets that are known for intellectual capital and a creative business culture.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Sheraton Bali Kuta Resort Announces Opening of Play@Sheraton Kids Club

Dario Orsini

BALI, INDONESIA, June 9, 2014 – Sheraton Bali Kuta Resort, the newly opened luxurious resort located in the heart of the famed Kuta Beach, announced the opening Play@Sheraton Kids Club for its younger guests to enjoy from now onwards.

 Play@Sheraton Kids Club is designed to enhance the family travel experience with a fully-tailored program including special amenities, education, and entertainment designed for children up to 12 years old. Sheraton Bali Kuta Resort celebrated the opening of Play@Sheraton on Saturday, June 7.    

“We are thrilled to unveil the Play@Sheraton Kids Club at our beautiful new resort,” said Dario Orsini, General Manager of Sheraton Bali Kuta Resort.

“We have seen a surge in demand for family friendly facilities since opening a year ago and trust that this extension to our resort facility will not only meet the increasing needs of parents traveling with children, but also drive more family business to the Kuta area,” he added.   

 The opening of the kids club took place in the resort’s social courtyard, in the presence of hotel guests and media members, including a dance performance by kids from the Harmony Ballet School in Bali. 

For a complete copy of the company’s news release, please contact:

Hwee Peng Yeo

Vice President, Asia Markets

Glodow Nead Communications

San Francisco • New York • Singapore • Shanghai

Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190

1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111

Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com

Hospitality Ventures Management Group Adds 42nd Hotel to Portfolio and Enters Multiple Strategic Partnerships

  

Mary Beth Cutshall

 ATLANTA, GA (June 9, 2014) – Hospitality Ventures Management Group (HVMG), an Atlanta-based, privately owned hotel ownership and management company, today announced that it remains on track to have one of its most successful years on record, having added three more hotels to its portfolio in the last two months and with two strategic partnerships on the horizon that have the potential to substantially increase the company’s portfolio of owned & third-party managed assets in the next two years.

            “While 2014 has been a strong year for most of the hospitality industry, it looks like it could well be the best year since we started in 2001, in terms of growth and diversification,” said Robert Cole, president & CEO of HVMG.

  “Historically, we have been known for our turn-around prowess, and now that we are at the place in the cycle where major repositioning has somewhat subsided, we are expanding into new territories, including new brand segments, and establishing new, best-in-class partnerships.”

  

Robert S. Cole

“With relatively low new product supply and high consumer demand, a growing number of hotels are changing hands, an ideal time for us given our skill set,” said Mary Beth Cutshall, HVMG’s senior vice president of acquisitions and business development. 

“With experts like PKF and STR predicting increased RevPAR well ahead of inflation for the next few years, we firmly believe now is the time to strike and are interested in investments, joint ventures and third-party management opportunities that contribute to our measured growth plan."

“We quietly have gone from a handful of hotels to nearly 50 in less than 7 years, a testament to the team of professionals we’ve been fortunate enough to assemble,” Cole noted.

 “We have a highly diverse group of executives with an average of more than 20 years industry experience each, and our retention rate is one of the highest in the industry.  I credit that to the family atmosphere the team has been able to cultivate.  As excellent as 2014 is already, the future looks even brighter still.”

For a complete copy of the company’s news release, please contact:

Lauralee Dobbins

Daly Gray, Inc.

703-435-6293

Lauralee@dalygray.com

www.HVMG.com.