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GULFPORT, Miss./EWORLDWIRE/Jan. 15, 2004 --- Encore Enterprises, Inc., a developer and owner of hotels and commercial real estate is pleased to announce the acquisition of four Marriott hotels from Musselman Hotels, Inc. The acquisition expands Encore's growth in the hotel industry to 17 hotels under leading brand names such as Fairfield Inn by Marriott, Fairfield Inn & Suites by Marriott, Towneplace Suites by Marriott, and Courtyard by Marriott. This acquisition has helped in positioning Encore Enterprises as being the Fifth Largest in terms of ownership of Fairfield Inn by Marriott in the Country. Pineapple Management Services, Encore's management company, will operate the hotels through a long-term management contract. Dr. Bharat Sangani, Chairman of Encore said, "This acquisition allows Encore to continue to grow our strong relationship with Marriott and position us better to expand throughout the southeast. We want to be one of Marriott's billion dollar franchisees. Patrick Barber, President and CEO said, "The Musselman acquisition adds some solid value for us and our investors and positions us to be a growing franchisee within Marriott International's limited service hotels." With this acquisition, Encore now has hotels in eight states within the southeastern region: including Texas, Mississippi, Georgia, Louisiana, Florida, Tennessee, Indiana and Kentucky. Liam Brown, Marriott's Senior Vice President for Fairfield Inn said, "Encore Enterprises and Pineapple Management Services is one of our premier Franchisees and over the years have won numerous National Awards from Marriott International. This acquisition makes Encore one of Marriott's larger FFI Franchisees and we look forward to working with the Encore team to continue to grow and enhance that position. Dr. Bharat Sangani, Patrick Barber and Glenn Pedersen have assembled an outstanding team in a short period of time and they have invested significant dollars in both infrastructure and technology and they embrace Marriott's operating philosophies. We look forward to supporting Encore and their targeted growth plans over the next several years." The acquired hotels are as follows:
This transaction involves Encore's first partnership structured transaction with a new outside investor. Encore now has 420 employees focused on acquiring, developing and managing commercial real estate throughout the southeastern part of the United States. Their senior management has over 267 years of hotel experience and has developed over 3.5 billion dollars of real estate. The company continues to identify development and acquisition opportunities that fit into its growth matrix. Encore Enterprises, Inc. was founded in 1999 by the company's chairman, Dr. Bharat H. Sangani. Please visit our website at www.encore.bz Contact: |
