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and Development for The Generation Companies, LLC |
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| RESEARCH TRIANGLE PARK, NC - June 8, 2005 - The Generation Companies,
LLC (Generation) recently announced that William F. (Bill) Smith has joined
its Acquisitions & Development Department in the role of Managing Director
of Acquisitions and Development.
Mr. Smith has 33 years of experience in the hospitality and real estate industries having worked in the areas of hotel brokerage, asset management, hotel acquisitions and divestiture, hotel development and renovation, operational supervision and franchising of both hotels and restaurants. Prior to joining The Generation Companies, Smith was Vice President and Manager of the Raleigh, NC office of Hunter Realty Associates, Inc., a national hotel brokerage firm based in Atlanta, GA. He was also founder and President of Hospitality Receivership Advisors, LLC, a firm that specialized in asset management for financial institutions of hotels in foreclosure or Chapter 11 proceedings under the supervision of the Superior Court of North Carolina. In his new role with The Generation Companies, Mr. Smith will work closely with the Vice President of Acquisitions & Development, Greg Barrow, to aggressively grow the company�s current 23-hotel portfolio through both acquisitions and new development of extended-stay hotels or portfolios, with the primary objective of expanding the company�s current brands, which include Suburban Extended Stay Hotel, Candlewood Suites, and, as of 2005, Staybridge Suites hotels. The company currently owns and/or manages extended-stay properties throughout the Southeast and mid-Atlantic states and is aggressively seeking opportunities to develop or acquire single assets or portfolios of extended-stay properties and will consider both branded or independent properties at any stage in the development process throughout the country. After earning a Bachelor of Science degree in Economics from the University of Tennessee, Mr. Smith served in the US Air Force for 4 years. Upon discharge, Captain Smith worked in the corporate financial planning staff of Holiday Inns, Inc. in Memphis, TN while simultaneously earning an MBA degree in Real Estate Finance from the University of Memphis in 1976. In 1981, he became the Senior Vice President of Food Systems Inc. where he worked in conjunction with Raymond James & Associates to take a company subsidiary public. Later, as Executive Vice President of National Capital Companies, he oversaw the renovation, franchising, and operation of 10 hotels, a full service golf resort, and 1100 apartment units as well as the company�s merger with Federated Home and Mortgage Corporation. Prior to joining Hunter Realty in 2001, Bill served for ten years as Director of Development, first with Holiday Corporation (predecessor to the current InterContinental Hotels Group) and then with Starwood Hotels & Resorts. Smith�s vast experience in the industry has allowed him to work with several successful hotel brands throughout the United States, including Holiday Inn, Hampton Inn, Embassy Suites, Residence Inn, Homewood Suites, Sheraton, Four Points, and Westin. The Generation Companies is a real estate developer, manager and operator of extended-stay hotels in North Carolina, Kentucky, Virginia, Tennessee and Florida. Generation has more than 2,800 hotel rooms and $150 million in real estate assets under management, and employs over 300 associates at 23 properties. |
| Contact:
Greg Barrow
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| Also See: | People, Product, Service: An Operator�s �Back to the Basics� Manual for Success / Wayne Goldberg, Senior Vice President, La Quinta Corporation / February 2004 |