WoodSpring Suites Breaks Ground on New Hotel in Seattle, Washington MSA

Everett, Wash., June 6, 2016 — WoodSpring Hotels, the nation’s fastest-growing extended-stay hotel company has partnered with West77 to build the first WoodSpring Suites hotel in Everett, Washington. The property, which will be located at 7707 Broadway Everett, WA 98203, marks the first of up to 25 hotels to be developed by West77 across the state of Washington.

“West77 is excited to introduce our first hospitality-focused real estate investment to Everett, Washington,” said Mike Nielson, Principal at West77. “We’re looking forward to bringing more WoodSpring hotels to the greater Pacific Northwest and introducing the brand to a new customer base.”
The projected opening date for the hotel is December 2016 and will be located 30 minutes north of Seattle. Once completed, the new four-story, 122-room hotel will feature such guest amenities as laundry facilities, modified kitchens, fitness center, high-speed internet, and the cleanliness, safety, and affordability that the WoodSpring Suites brand provides to every guest.

“Partnering with West77 is a great opportunity for us to expand our footprint as we look to aggressively grow the WoodSpring brand,” said Ron Burgett, Executive Vice President of Franchise Development & Operations at WoodSpring Hotels. “We are excited to bring a new value extended stay hotel concept to the state of Washington and believe our affordable rates and high quality will appeal to many travelers in this area.”

About WoodSpring Hotels
WoodSpring Hotels is the company behind the nation’s fastest growing value extended stay hotel brand with over 200 hotels system-wide located in 30 states. The company owns 90 hotels and provides management services for both company-owned and franchised locations under the WoodSpring Suites and Value Place brands. WoodSpring Suites, as well as its enhanced brand extension, WoodSpring Suites Signature, are hotels for good people with practical needs, down-to-earth attitudes and a comfortable style, and who appreciate the value of life’s necessities – done really well. For more information, visit www.WoodSpringFranchise.com.

U.S. HOTEL REVENUE GROWING, BUT SLOWING

U.S. Hotel Operating Performance Takes a Breather in 2015

Atlanta – May 24, 2016 – U.S. hotel revenue growth is slowing down, while expenses are on the rise. According to CBRE Hotels’ Americas Research’s 2016 edition of Trends® in the Hotel Industry, operating performance continued to improve in 2015, but at a much slower pace. Trends® is the firm’s annual survey of operating statements from thousands of hotels across the nation. The data for the 2016 survey was processed in accordance with the new 11th edition of the Uniform System of Accounts for the Lodging Industry.

“After five years of strong increases in occupancy, average daily rate (ADR) and profits, U.S. hotels reached the top of the current business cycle in 2015,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research. “Therefore, it is not a surprise that Total Operating Revenues grew just 5.3 percent from 2014 to 2015. What stands out as a concern for hotel owners and operators was the 4.7 percent increase in expenses, especially during a year when inflation was just 0.1 percent.”

Other Revenues Grow

From 2014 to 2015, 56.9 percent of the hotels in the Trends® sample posted an increase in occupancy, down from the 70+ percent marks posted the prior few years. “This clearly is an indicator that hotels are approaching the top of the cycle when occupancy is at near capacity levels, and in certain markets the negative consequences of new supply growth are being felt,” said Woodworth.

86.1 percent of the properties in the sample were able to raise their room rates during the year, while 80.5 percent of the hotels were able to enjoy an increase in revenue per available room (RevPAR). On average, the Trends® sample achieved a RevPAR gain of 4.6 percent.

“In 2015, we saw continued improvement in the growth of other hotel revenue sources beyond the rental of guest rooms. During the year, Food and Beverage Revenue rose by a healthy 6.6 percent, while Miscellaneous Income (former Rentals and Other Income) grew by 25.4 percent,” Woodworth added. Because of the strong growth in other revenue sources, Total Operating Revenue for the overall sample increased by 5.3 percent from 2014 to 2015.

Real Expense Growth

“History has proven that hotels are an expensive business to operate. Over the years, annual changes in operating expenses have averaged roughly twice the pace of changes in the Consumer Price Index (CPI),” said John B. (Jack) Corgel, Ph.D., professor of real estate at the Cornell University School of Hotel Administration and senior advisor to CBRE Hotels’ Americas Research. “Therefore, with a CPI increase of just 0.1 percent in 2015, it would imply that hotel operators would benefit in their efforts to control costs.”

Hotel expenses increased by 4.7 percent during the year, or 4.6 percent in real terms. The 4.6 percent increase in real expense growth was the greatest annual change in the past 20 years. Two categories that contributed to the extraordinary rise in operating expenses were labor and fees.

Total labor costs and related expenses grew by 4.6 percent from 2014 to 2015. This was the result of a 5.2 percent increase in the Salaries and Wages (salaries, wages, service charges, contract labor and bonuses) and a 3.0 percent rise in Payroll-Related Expenses (employee taxes and benefits). This is only the second time since 2000 that the Salary and Wage component of labor costs increased at a greater pace than Payroll-Related Expenses.

“In 2015 the Bureau of Labor Statistics reported a third consecutive year of hospitality industry compensation growth greater than 3.0 percent. This sustained increase in hospitality compensation primarily is attributable to the continued decline in the nation’s unemployment rate,” Corgel noted. “Additional stress on hotel Salaries and Wages is coming from a rise in legislation regarding minimum wage, living wage, overtime rules, and joint-employment regulations.”

The fees a hotel pays to credit card, franchise and management companies are influenced heavily by changes in revenues. Since Rooms, Food and Beverage, and Total Operating Revenue all increased in 2015, we saw growth in Management Fees (4.9 percent), Franchise Fees (6.7 percent), and Credit Card Commissions (7.0 percent).

CBRE did observe a decline in some operating expenses for U.S. hotels from 2014 to 2015. During the year, hotel Utility Costs fell 2.7 percent, while the Cost of Food declined by 3.3 percent. “This is consistent with the declines in both the energy and food price components of CPI in 2015,” Corgel added.
 

Modest Profit Growth

With revenues increasing at a greater pace than expenses, U.S. hotels enjoyed a sixth year of growth in profits. In 2015, Gross Operating Profits (GOP) increased by 6.3 percent, while Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) grew by 3.6 percent.

“After years of achieving record levels of occupancy and double-digit growth in profits, U.S. hotels appear to have taken a breather in 2015. However, it should be noted that the industry is not out of breath. Our Hotel Horizons® forecasts call for continued RevPAR growth in the near-term, which should lead to persistent, albeit modest, gains in profits,” Woodworth concluded.

To purchase a copy of the 2016 edition of Trends® in the Hotel Industry, please visit:
https://pip.cbrehotels.com

CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of more than 375 dedicated hospitality professionals located in 60 offices across the globe.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

The Preiss Company Acquires Two Student Housing Properties in New Joint Venture

Brings to Seven Acquisitions Year-to-Date

RALEIGH, N.C., May 16, 2016—Officials of The Preiss Company, the nation’s third largest, privately-held, student housing owner-operator, today announced that it had formed a joint venture with a private investment group to acquire two student housing complexes in Raleigh, N.C., for an undisclosed amount. The transaction brings to seven the number of properties transacted by Preiss year-to-date. Both student housing units — the 440-bed College Inn and the 288-bed University Village at 2505 — will continue to be operated by The Preiss Company.

“Preiss previously was a joint venture partner in these properties,” said Donna Preiss, founder and CEO of The Preiss Company. “Our former partner had achieved its objectives with these assets and wanted to harvest the return on their investment.

“We have a diverse number of strategic partners with different investment criteria. This allowed us to work with another of our investor partners to acquire these assets which still have great upside,” she said.

“Coming into 2016, Preiss set a goal of adding 10 properties,” she noted. “We have the largest pipeline in our history and could exceed that goal by as early as this summer. Based on our current rate of acquisitions, we will have an exceptional year, perhaps a record. There are a large number of properties on the market, ranging from those that would benefit from major renovation/repositioning to those that need more focused management. There also remains opportunities to develop new properties. Financing remains attractive, and we see continued demand growth. We continue to believe this is an excellent time to be investing in student housing.”

Acquired Properties
• College Inn—Located at 2717 Western Blvd, the 440-bed facility is housed in a four-story building on a three-plus-acre-site. Conveniently situated across from North Carolina State’s Main Campus and close to its Centennial Campus, the property features a large club house with a computer lab and study rooms, fitness center and game room. Fully furnished rooms include plank wood floors, washers and dryers. Preiss will oversee a substantial rooms upgrade of College Inn with an expected start date during the fourth quarter of this year. Elements include new lighting, appliances, cabinets, countertops and furniture. The clubhouse and building exteriors, as well as landscaping, will be enhanced.

• University Village at 2505—Located at 2505 Red Lodge Place, less than a mile from the Centennial Campus, the complex consists of four, four-story buildings housed on approximately nine acres. The gated community has a club house with internet café, fitness center and self-serve Starbucks coffee bar, as well as a resort-style swimming pool and sand volleyball court. Each fully furnished, four-bedroom suite has a common social area, private bedrooms and bathrooms and walk-in closets. The rooms offer state-of-the-art interior finishes, including stainless steel appliances, granite countertops and plank wood flooring. The property provides a free shuttle to the Main and Centennial Campuses, as well as resident events. University Village 2505 was developed by Preiss in 2012 specifically for student housing.

“Upon completion of the renovation to College Inn, these two complexes will be in excellent physical condition. Both properties will benefit from the significant operational economies of scale we have in Raleigh,” she said. “We own and or operate 14 student housing complexes in the city and work closely with our student residents and North Carolina State University to provide quality housing and a great college experience.”

About The Preiss Company
Celebrating its 29th year, Raleigh-based The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company is the nation’s third largest privately held owner-operator of private student housing. The company’s portfolio currently is comprised of approximately 28,000 beds located in 16 states and 23 markets.

Michigan State Students Cameron Armstrong & Di Wang Win 2016 Hospitality Asset Managers Association (HAMA) Student Case Competition

Students Provided Solutions on “How to Best Reach Chinese Millennials via Social Media”

BOSTON, May 16, 2016—The Hospitality Asset Managers Association (HAMA) today announced that senior Cameron Armstrong and junior Di Wang of Michigan State University were selected as the 2016 winners of the Tenth Annual HAMA Student Case Competition. The MSU team was chosen from a select field of top hotel schools that also included the Pennsylvania State University and the University of Denver. Student teams researched and prepared a case study from a list of topics that currently impact the hotel industry.

Wang and Armstrong presented on “How to Best Reach Chinese Millennials via Social Media,” a task they noted was all the trickier due to China’s restrictions on sites like Facebook and Twitter. The University of Denver’s Chris Allmann and Jon Willis focused on the “Minimum Wage Increase on the Lodging Industry” and how to mitigate its impact. Samantha Martin and Charles Garber were chosen to represent The Pennsylvania State University and researched, “Out of Control Third Party Commissions,” offering insights into how best to work with OTAs.

“Each year, I continue to be more impressed by the level of sophistication and insight from tomorrow’s future hotel leaders,” said Kim Gauthier, HAMA education chair and senior vice president of Hotel Asset Value Enhancement. “While these students still are in the learning phase of their very young careers, their perspectives shine new and interesting light on problems that we deal with on a daily basis as professional asset managers. It is HAMA’s goal to embrace and nurture these young minds as they grow into our industry.”

Working with a HAMA member and their respective university professors, student participants were required to give a multi-part presentation, complete with research paper and accompanying PowerPoint, over the course of two sessions that included initial and revised findings. Topics included “Rising Minimum Wage,” “Rising Health Care,” “Social Media Management Issues and Trends,” “Room Design – What Does the Future Room Look Like,” “Out-of-Control Third-Party Commissions (Primarily Group Airbnb/VRBO),” “Alternatives for Room Service,” and “Wi-Fi Solutions.”

Winners received an all-expense-paid trip to HAMA’s Spring Meeting in Boston to meet and network with some of the industry’s leading hotel asset managers. In addition to the award presentation, the two-day event also hosted a number of informational sessions and group meetings to discuss the latest industry trends and share best practices.

“With governmental restrictions on sites like Facebook and Twitter, it is a challenge to reach Chinese Millennials via social media,” noted Wang. “That being said, there certainly are Chinese equivalent sites that allow hoteliers to reach this hugely profitable traveling segment.”

“Our goal was to find alternatives that allow socially proactive organizations to place better advertising and interaction opportunities in front of this target audience,” added Armstrong. “This competition has been a huge learning experience for us, not just regarding this immediate issue, but through working with established asset managers and seeing things from that discipline’s viewpoint. This award really validates our decision to pursue careers within the hospitality industry.”

ABOUT HAMA
HAMA was established in 1992 in the U.S. and has affiliates in Japan, Singapore (Asia/Pacific), England (Europe) and Dubai (Middle East/Africa). Its members are involved in asset management, acquisition, financing and disposition of hotels and resorts and are directly responsible for making decisions concerning capital investments, renovations, asset repositioning, operational policies and management selection. Its U.S. members represent more than 3,500 hotels and resorts across every major brand, accounting for 775,000 hotel rooms, 250,000 employees, $40 billion in annual revenue and $3 billion in capital expenditures.

The Procaccianti Group Promotes Paul Sacco to President & Chief Development Officer of TPG Hotels & Resorts

Cranston, R.I., April 25, 2016 – The Procaccianti Group, a privately‐held real estate investment and management company, today announced the promotion of Paul Sacco to president & chief development officer of its dynamic and newly-named hotel division, TPG Hotels & Resorts. While he continues to focus on driving the overall growth of the company, in his new role as president, Sacco will help lead the overall strategic direction of TPG, which currently operates 60 hotels nationally with over $840M of hotel revenues under management.

“Paul has demonstrated a strong ability to strengthen relationships with our constituents, as well as open doors to new investment partners because of his proven track record and extensive industry relationships,” said Jim Procaccianti, president and CEO of the Procaccianti Group. “Paul has helped us accelerate from a well-known hotel real estate investment company into a true force within the hospitality management industry. TPG has evolved into a sought-after hotel management powerhouse, both for our existing and new capital partners. We have every confidence that Paul will continue to lead TPG Hotels & Resorts’ growth into the future.”

Prior to joining TPG in 2013, Sacco held a number of increasingly important positions at Starwood Hotels & Resorts Worldwide, culminating in senior vice president of development for all brands-North America. During Sacco’s tenure, Starwood’s North American portfolio expanded by 143 percent from 228 to 554 hotels. Sacco also was instrumental in launching the groundbreaking brands Aloft Hotels and Element by Westin. Sacco has worked in various leadership positions in global sales, operations and development for such internationally recognized companies as Swissôtel, Pyramids Hotels, US Franchise Systems and Omni Hotels. He received his Bachelor of Science degree in Business Economics from Brown University.

“TPG acquired its first branded hotel in Rhode Island over three decades ago, and has since expanded to become one of the largest nationwide owner/operators of hotels and provides management services on behalf of some of the industry’s largest capital investors,” Sacco noted. “Our 2015 hotel revenues under management exceeded $840 million. Throughout our growth, our core principle has been always to operate first on behalf of our capital partners. We will continue to utilize the ‘owner’s mentality’ lens as we pursue aggressive growth goals.”

TPG Hotels & Resorts had strong 2015 and is off to a great start this year, with new management agreements and a healthy new hotel pipeline in the 2016 first quarter, including:

 Hyatt House Downtown Atlanta (operating)
 Pullman Miami (operating)
 Hyatt Regency Rochester (operating)
 Hilton Garden Inn Providence (under conversion)
 AC Hotel San Jose Downtown (opening 2016)
 Moxy DC (under development)
 Moxy New Orleans (under development)
 Residence Inn Providence (under development)

Additionally, over the past 30 years, the company’s construction arm, TPG Construction, has overseen nearly $1 billion in hotel renovations, conversions, new builds and room additions. Currently, TPG is involved in over a quarter billion of property improvements to its existing national portfolio and new hotel construction projects.

The Company commenced a comprehensive rebranding initiative which included extensive research of all TPG’s constituencies. The result is clarity of brand & purpose with validated competitive differentiators. “We wanted to hear from all our constituencies, therefore we spoke to a wide cross section of employees at all levels within TPG, external capital partners, lenders, and our brand partners to understand exactly how our company is perceived. Utilizing the research findings, we have re-solidified our focus while expanding our branding. We are reinvigorated by all the results we found and now are more focused than ever on putting our skills in the spotlight. The new name TPG Hotels & Resorts better identifies who we are and what we do as it relates to the breadth of our hotel portfolio and real estate.”

About TPG Hotels & Resorts (tpghotelsandresorts.com)

TPG Hotels & Resorts is a fully accredited operator and developer of the industry’s most respected brands including InterContinental, Hilton, Hyatt, Marriott, Starwood and Wyndham that together represent over 40 hotel flags. With over 60 hotels and nearly 18,000 guestrooms currently under management in 24 states coast to coast, TPG Hotels & Resorts has a proven track record of meeting the stringent demands of the major corporate brands and is recognized throughout the industry as a leader in performance, service, and quality. TPG Hotels & Resorts’ senior operational and development executives lead a national workforce of more than 8,000 highly skilled professionals dedicated to effectively balancing the priorities of the brands, ownership groups and management while delivering exceptional guest experiences.

About PROCACCIANTI COMPANIES (procaccianti.com)

Procaccianti Companies (est. 1958) is a second generation privately‐held real estate investment and management company with a broad national platform encompassing all sectors of real estate. Throughout the past five decades, the company has owned, developed or managed hundreds of real estate assets coast-to-coast, surpassing 60 million square feet with a peak capitalization value approaching $7 billion.

Atlanta Hospitality Alliance Presents John C. Portman, Jr. with Lifetime Achievement Award

ATLANTA, March 28, 2016 – The Atlanta Hospitality Alliance (AHA) today announced that it has presented John C. Portman, Jr., with its inaugural Lifetime Achievement Award for his contributions to the overall architectural look and feel of Atlanta, particularly in the hotel sector. The award ceremony was held during AHA’s spring meeting at the new Hotel Indigo Atlanta Downtown, designed by Portman and operated by Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel ownership and management company.

“Atlanta would be a very different city without the vision of John C. Portman, Jr., and the hotel industry would be much more drab,” said David Marvin, president of AHA. “Having designed and built some of this city’s most iconic buildings and hotels, including the Atlanta Marriott Marquis, Peachtree Center, SunTrust Plaza and Hyatt Regency Atlanta, Mr. Portman literally has helped architecturally reshape ‘southern hospitality.’ We can think of no better recipient for this inaugural honor.”

Known for his signature mix of modernism and brutalism, highlighted by massive atriums and long, glassy elevators, Portman’s buildings can be found in 60 cities on four continents, helping redefine cityscapes in America, and skylines in China and the rest of Asia. In addition to his Atlanta work, Portman is responsible for such diverse projects as 151 Incheon Tower in South Korea, the Mandarin Oriental in Singapore, the Marquis Theater in Manhattan and the iconic Westin Bonaventure Hotel in Los Angeles.

“I am honored to have been chosen by the Atlanta Hospitality Alliance for this special recognition and doubly honored that you showcased JP Atlanta and the Hotel Indigo by hosting your event there,” noted John Portman, chairman, The Portman Companies.

Born December 4, 1924 in Walhalla, S.C., Portman opened his Atlanta-based architectural firm, known today as John Portman and Associates, in 1953. The firm is part of the Portman Family of Companies, which also includes Portman Holdings, a real estate development company, and AmericasMart, a home décor wholesaler. He has received numerous awards for his work, including the 1978 Medal for Innovations in Hotel Design – National American Institute of Architects; 1980 Silver Medal Award for Innovative Design – Atlanta Chapter, American Institute of Architects; 1984 Urban Land Institute Award for Excellence – for Embarcadero Center; 2009 The Lynn S. Beedle Lifetime Achievement Award – Council on Tall Buildings and Urban Habitat; and the 2013 Four Pillar Award – Council for Quality Growth. In 2011, the Atlanta City Council renamed Harris Street in Downtown Atlanta as John Portman Boulevard at Historic Harris Street. He graduated from the Georgia Institute of Technology in 1950.

“Mr. Portman has a true passion for creating spaces that are meaningful and impactful for people,” said Charles Pinkham, vice president of development, Portman Holdings, LLC. “He focuses on creating experiences, and the architecture evolves from that vision.”

About The Atlanta Hospitality Alliance

The Atlanta Hospitality Alliance is a premier peer-to-peer learning and networking organization for current and future hospitality investment leaders in Georgia. Founded in 2010, the organization is comprised of 300 industry professionals. The membership firms have a collective investment of more than $4 billion in Georgia’s travel and tourism industry and collectively employ 15,000-plus Georgians. For additional information, please visit http://www.atlantahospitalityalliance.com

Stonehill Strategic Capital to Complete Nearly $200 Million in Hotel Financing in 2016 First Quarter

Company Projects Record Year in Transaction Activity

ATLANTA, Ga., March 21, 2016 — Stonehill Strategic Capital, LLC (“SSC”), an affiliate of Peachtree Hotel Group, today announced it will end the 2016 first quarter closing approximately $190 million in hotel financing. The record quarter follows a highly productive 2015 that saw the company execute on 23 transactions. SSC currently has a substantial number of projects in the pipeline and actively is funding acquisitions and recapitalizations for both stabilized and transitional asset with strong flags in secondary and tertiary markets.

SSC funded 11 hotel fixed-rate permanent loans, floating-rate bridge loans and preferred equity investments in the 2016 first quarter.

“Our outlook for experienced non-bank balance sheet lenders is quite optimistic for the remainder of the year,” said Mat Crosswy, president of SSC. “Lending in this phase of the cycle requires a deep understanding of the industry. We are seeing CMBS lenders, as well as regional and community banks, beginning to pull back because of the current regulatory environment and a lack of understanding of the space. This creates greater opportunities for established lenders like SSC to find the best projects and sponsors, responding to some $24 billion in CMBS loans coming due in 2016 and 2017. We project a record year with the opportunity to continue focusing on execution and structure that best suits our sponsors.”

“Given where we are in the cycle, we believe there still is upside, albeit at a slowing pace, especially for seasoned owner/operators,” said Michael Harper, vice president. “We believe the market will become more conservative as the year progresses, with higher interest rates and greater equity requirements. Owner track records from earlier cycles will play an increasingly important role in lending decisions. Despite the challenges, we expect interest rates to remain quite attractive.”

“The 2016 first quarter serves as a prototype for what the year ahead will look like as we foresee plenty of runway left in this cycle even as we approach its peak,” noted Brent Leblanc, senior vice president. “Last year’s achievements, coupled with the conservative underwriting standards in the lending market and increasing interest rates, give us confidence in our continued success.”

“With the recent market shift, we are well equipped to service our clients with well-organized funds, backed by our reputation for precise and efficient loan processing,” Crosswy added. “Although the industry doesn’t appear to be in any crisis of overbuilding, more care will be taken in underwriting. With our in-depth experience as lenders, owners and operators, we can better analyze projects and offer creative and prudent financing, ranging from bridge loans to preferred equity investments.”

About Stonehill Strategic Capital

Stonehill Strategic Capital, an affiliate of Peachtree Hotel Group, is primarily focused on funding permanent financing, bridge loans, mezzanine loans and preferred equity investments backed by limited-, select-, and compact full-service hotel assets. Stonehill Strategic Capital provides creative finance solutions for hospitality projects seeking capital to complete acquisitions, recapitalizations, refinancings, and renovations. For additional information, please visit http://stonehillstrategiccapital.com/.

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PM Hotel Group Completes Extensive Renovation of Hilton Meadowlands, New Jersey

WASHINGTON, D.C./EAST RUTHERFORD, N.J., March 10, 2016 — Officials of PM Hotel Group, a leading, national hotel management company, today announced the completion of the refurbishment of the 427-room Hilton Meadowlands. PM Hotel Group oversaw the renovation process, which focused on public spaces, F&B outlets, technology, and back-of-house systems. This renovation completed an 18 month project to put the hotel in optimum physical condition.

“With the proliferation of new product ranging from competing hotels to Airbnb, savvy owners realize that a refreshed and renovated hotel is vital to compete in today’s market,” said Joseph Bojanowski, president of PM Hotel Group. “The Hilton Meadowlands now enjoys ‘like new’ status, offering the same or more amenities and services as any of its competitive set. We are confident the hotel now is better positioned to remain the market leader for business and leisure travelers to the area.”

The hotel remodeled its meeting space, elevators, Starbucks, the tech lounge, club lounge and the public restrooms. The hotel’s 130-seat Chairman’s Grill and adjoining lounge also underwent renovations in 2016. Additionally, high speed internet access via Hilton’s “Stay Connected” system was upgraded to provide 300MB of bandwidth.

“We are taking advantage of the industry’s unprecedented growth to perfect our hotel portfolio through renovation and repositioning where appropriate,” added Bojanowski. “We continue to seek attractive assets in high-barrier-to-new-entry markets that could benefit from our operating expertise.”

Situated across from New Jersey’s sports and entertainment hub, the Meadowlands Complex, the property offers exquisite views of the New York City skyline, just ten minutes away. Guest rooms include an oversized desk with an ergonomic chair and a flat-screen television. Additional amenities include the Chairman’s Grill, a full-service lounge, an indoor swimming pool, fitness room and business center.

About PM Hotel Group
PM Hotel Group (formerly PM Hospitality Strategies, Inc.) is an award-winning, independent hotel management company, operating full-service and select-service hotels in the Hilton, Starwood, Marriott, IHG, and Choice families of brands. Celebrating its 20 year anniversary, the company’s expertise covers all aspects of hotel operations, including development, technical consulting, marketing, accounting, and pre-opening services. The company manages nearly 40 hotel and development projects, comprised of more than 6,800 rooms, throughout the United States. Based in Washington, D.C., PM Hotel Group has participated in the development and acquisition/renovation of dozens of hotels with a market capitalization in excess of $1.3 billion. PM Hotel Group is an approved management company for all leading hotel brands. Additional information about the company may be found at www.pmhotelgroup.com.

Strand Hospitality Services Assumes Management of the Courtyard by Marriott Columbus West in Ohio

(Columbus, Ohio) March 9, 2016 – Strand Hospitality Services, a leading provider of hospitality operations, consulting and advisory services, today announced that it has assumed management of the Courtyard by Marriott Columbus West. Located at 2350 Westbelt Drive in Ohio, the hotel will undergo a complete $3 million guest-rooms renovation in 2016 and will remain open during the progress.

Ideally situated off Interstate 70 and 270, the Courtyard by Marriott Columbus West is located just minutes from downtown Columbus and Ohio State University, as well as other area attractions. The 150-room hotel boasts 8,790 sq. feet of meeting space between eight rooms. The Grand Ballroom, the hotel’s largest venue, can accommodate up to 300 guests for weddings and other events. Personalized, onsite catering also is available.

“Strand will work closely with owners, Conor Acquisitions of Fort Myers, Fla., to ensure that we build on the hotel’s current successes,” said Andrew Pace, senior vice president of Strand Hospitality. “Strand strategically has continued to expand our partnerships, management and franchising with Marriott International. In addition to the Courtyard by Marriott Columbus West, Strand Hospitality will begin construction on four Marriott-branded hotels in 2016.”
The Courtyard by Marriott Columbus West features an open contemporary lobby with the brand’s trademarked Bistro, which offers an appealing array of hot breakfast choices in the morning and light dinner and cocktail options in the evening. Guests also can visit The Market™, a 24-hour shop filled with snacks and other items. Other amenities include an indoor swimming pool, fitness center and 24-hour business center.

The hotel also participates in the award-winning guest loyalty program, Marriott Rewards®. To book reservations at the hotel, please call 614-771-8999 or visit http://www.marriott.com/hotels/travel/cmhwt-courtyard-columbus-west/.

About Strand Hospitality: With headquarters shared between Charlotte and Myrtle Beach. Strand also has operations in Atlanta. Founded more than 45 years ago, the company began as a developer/owner of full-service Holiday Inns, gradually moving into third-party management. Today with more than 30 high-quality hotels in its management portfolio, the company continues to grow through development, joint ventures and third-party management. It specializes in two- to four-star hotel segments and is approved to operate hotels under all the leading hotel brand families, including Marriott, Hilton, Starwood, Wyndham, Choice and IHG. For more information on the company, please visit www.strandhospitality.com.