Hotel Online  Special Report


advertisement
..
..
 Prospera Hospitality Forms Joint Venture
with The Elmhurst Group
.
Elmhurst Investing $12 million in Transforming the Ramada Plaza Suites
and Conference Center into the Doubletree Hotel Pittsburgh City Center

.

PITTSBURGH – Nov. 16, 2004 – Prospera Hospitality, a Pittsburgh-based management company providing more than 100 collective years of hotel and resort experience, announces today a joint venture has been formed with The Elmhurst Group, also of Pittsburgh. Elmhurst is a regional real estate developer looking to expand nationally in the hospitality industry. Elmhurst secured an equity interest in Prospera to help implement the expansion strategy. The combination of the development expertise of Elmhurst and the operational expertise of Prospera provides a “one-stop-shop” for properties requiring those services.
 
“The diverse experience of Prospera Hospitality’s senior executives is a perfect match with The Elmhurst Group,” said William E. Hunt, president and chief executive officer of The Elmhurst Group. “We were attracted to Prospera’s fresh, new approach to hotel management focusing on the goals and objectives of owners, developers and investors.”

Kevin Kilkeary, president and chief operating officer of Prospera Hospitality, added, “We are elated to support The Elmhurst Group in their expansion efforts. Their high standards complement Prospera Hospitality’s dedication to the proposition of maximizing productivity at every level of 


Ramada Plaza Suites
One Bigelow Square
Pittsburgh, Pennsylvania
hotel and resort management.”

One of the first initiatives of the new partnership is a $12 million private investment, funded by The Elmhurst Group, for the complete renovation and transformation project of the Ramada Plaza Suites and Conference Center into the Doubletree Hotel Pittsburgh City Center. Elmhurst selected Prospera to manage all aspects of hotel operations. An accelerated construction schedule beginning immediately, brings the project to completion next June, increasing the first-class hotel rooms available in downtown Pittsburgh and returning a prominent name to the city’s rapidly-growing hospitality industry.

About Prospera Hospitality: Headquartered in Pittsburgh, Pa., Prospera Hospitality was founded in 2002 as a third-party hotel management company. Prospera’s executives have been involved in more than $2 billion worth of real estate acquisitions. The company’s services include targeting geographic markets, developing the appropriate brand relationship and market position strategies, and performing financial analysis and legal processes. Prospera executives have utilized their experiences to benefit all types of independent and branded properties, including: resort; commercial; convention; mid-market, and full- and limited-service hotels.

About The Elmhurst Group: The Elmhurst Group of companies is a 30-year-old Pittsburgh-based organization that invests in commercial real estate and operating businesses. Elmhurst’s real estate holdings include 27 properties exceeding 1.6 million square feet of office, distribution, retail, flex space and a hotel, all in Western Pennsylvania. Investments have also been made in the retail, medical, hospitality, oil and gas, and electronic security industries. Elmhurst’s long-term strategy is to continually increase the value of each of its holdings by providing strong and dedicated management.


 
Contact:

Prospera Hospitality
Kevin Kilkerry
Foster Plaza 9
750 Holiday Drive
Pittsburgh, PA 15220
412.921.6200
www.prosperahospitality.com

The Elmhurst Group
www.elmhurstgrp.com

Also See: Barry Fix Named Director of Sales and Marketing at Pittsburgh Ramada Plaza Suites & Conference Center / Jan 2002
DoubleTree Pittsburgh Hotel at Liberty Center Owner Forest City Commercial Group Selects Westin to Manage the 618-room Property / Dec 2000


To search Hotel Online data base of News and Trends Go to Hotel.Online Search

Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.