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Lazer Lodging Appoints James Hovark
as Vice President, Asset Management
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Washington, DC – June 21, 2006 — Lazer Lodging Asset ManagementSM, an independent, third-party hotel asset management and advisory firm founded by industry veteran Randy Carroll earlier this year, announced today that James Hovark has joined the company in the position of Vice President, Asset Management.

Mr. Hovark will focus on optimizing the profitability and valuation of the hospitality properties owned by Lazer’s varied client base through the application of dedicated, sophisticated and proactive asset management.  He will be a zealous advocate of the hotel owner’s interests and will report directly to Mr. Carroll, the President of Lazer Lodging.

“James greatly increases our depth of hospitality asset management expertise and capabilities,” commented Randy Carroll.  “His diverse background in asset management, property operations and high-end culinary production, makes him an invaluable addition to the Lazer Lodging team.   As a young company, we are fortunate to attract a professional as talented as James Hovark, and our clients will be the immediate beneficiaries of his tremendous experience and commitment to excellence.”

Mr. Hovark brings more than 10 years of diverse hospitality experience to his new position with Lazer Lodging.  A graduate of the world-renowned Cornell University School of Hotel Administration, Mr. Hovark has held positions of rapidly increasing responsibility at the property level and in the corporate headquarters of publicly traded corporations.  He and Mr. Carroll worked together within the asset management group at MeriStar Hospitality Corporation, an NYSE-listed lodging REIT, that was recently acquired by an affiliate of Blackstone in a $2.6 billion transaction.  Mr. Hovark also served in the asset management group at LaSalle Hotel Properties, another publicly traded lodging real estate investment trust. 

Earlier in his career, Mr. Hovark, who has a degree in Culinary Arts Management from the Swiss Hospitality Institute and The L’Academie de Cuisine, worked as a chef in some of the most acclaimed restaurants in Washington, DC.  Immediately prior to joining Lazer, he was employed by Interstate Hotels & Resorts, the largest independent hotel management company in the industry. While with Interstate Mr. Hovark served in supervisory operational positions for well-known, 1000-room plus hotels in Manhattan.  Among his titles with Interstate were Director of Purchasing, Food & Beverage Controller and Senior Financial Analyst. 

For further information about Lazer Lodging or James Hovark, please contact Randy Carroll at 703.760.7001 or rcarroll@lazerlodging.com.

LAZER LODGING ASSET MANAGEMENTSM

Washington, DC-based Lazer Lodging Asset ManagementSM is an independent, third-party hospitality asset management and advisory services firm that delivers a broad array of revenue enhancement services to hotel and resort owners, lenders and other non-operational industry participants.  Formed by hospitality veteran Randall W. (Randy) Carroll in 2006, the Company delivers benefits to hotel owners through an experienced and dedicated hospitality asset management team which drives profitability and optimizes asset value. Primarily designed to serve hotel owners without professional asset managers on staff, Lazer Lodging performs the complete array of asset management and consulting services to third-party owners, lenders and other industry participants. 

Lazer Lodging’s target market for their services includes institutional owners of upscale hotel properties located around the world. One of the company’s first assignments comprised assisting Merrill Lynch with the analysis of a large hotel portfolio that involved major renovations and property enhancements. Mr. Carroll and his team of lodging asset management professionals offer hotel owners an array of profit- and performance-enhancing services, including the following:

  • Comprehensive operational reviews and on-going monitoring of on-site operations.
  • Capital budgeting and scope creation for periodic and extraordinary capital improvement projects.
  • Negotiations with hotel operators, franchisors, lenders and others on behalf of ownership.
  • Identification and exploitation of new revenue opportunities.
For more information about Lazer Lodging Asset Management, please visit the Company’s website (www.lazerlodging.com) or call 703.760.7001.
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Contact:

 Sharon Lemon 
sharon@zestcommunications.com
+1.651.324.8469

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Also See: Lazer Lodging Debuts As Aggressive, Proactive Hotel Asset Manager / May 2006


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