News for the Hospitality Executive
Significant Accomplishments in 2006
|Silver Spring, Maryland – December 19, 2006 – Sunburst
Hospitality Corporation announced today that the company expects record
operating results for 2006, based on the company’s initial audit of the
past year’s accomplishments, and anticipates additional growth in 2007.
Encountering a sharp rise in demand for select-service accommodations, Sunburst seized the market’s opportunities in 2006 by optimally marketing its existing properties in the sector and by completing the company’s acquisition of the hotel assets of Arlington Hospitality. Through these core actions Sunburst was able to take an early, strategic position in what proved to be one of the hospitality industry’s most lucrative years.
“When the final ledger closes on the year, I believe we will review 2006 with the sense of a job well done,” commented Jim MacCutcheon, CEO of Sunburst Hospitality. “Not only was Sunburst well-positioned to take advantage of the year’s numerous operating and real estate opportunities, but we had the advantage of hiring and promoting some of the nation’s most capable hospitality and real estate professionals. I reflect with particular satisfaction on the promotion of Kevin Hanley to President of Sunburst Hospitality this year.”
In 2006, Sunburst’s tactical focus was to execute the company’s growth initiative by identifying and pursuing real estate acquisition, development and redevelopment opportunities. To implement the company’s rapid growth plans, the Company’s Board of Directors voted unanimously, in August of 2006, to promote Executive Vice President Kevin Hanley to the position of President of the Company and elected Mr. Hanley to the Board of Directors.
“I am fortunate to work with a company that executes certain elements particularly well, commented Mr. Hanley. “Sunburst is renowned for strategic timing relative to knowing when to hold assets and when to dispose of them. In 2006 Sunburst seized the market’s impending opportunities and captured generous investment returns for our principals.”
Sunburst’s most significant accomplishments in 2006 are outlined below.
About Sunburst Hospitality
Sunburst Hospitality Corporation owns more than 40 nationally recognized hotels with more than 5,000 rooms, a championship golf course and surrounding residential development, and a portfolio of managed self-storage facilities and apartment communities. Sunburst’s hotels are branded as Comfort Inn and Suites, Best Western, Clarion Hotels, Holiday Inn Express, Quality Inn, Sleep Inn and AmeriHost Inns. The Company recently broke ground on the 252-unit residential condominium project, The Vista on Courthouse, located in Arlington, Virginia, which is scheduled for completion in 2008, www.vistaoncourthouse.com.
In August 2006, Sunburst announced the formation of Colesville Partners Real Estate LLC, a $300 million equity real estate vehicle with a $1 billion investment capacity, www.colesvillepartners.com.
Sunburst is committed to developing and successfully implementing strategies to maximize the value of its operating properties. James A. MacCutcheon, the company's CEO, has been with the company and its predecessor organizations since 1987. Mr. MacCutcheon and the executive management team have a successful record of managing ahead of industry cycles.
Sunburst recognizes that its best investments are those that it makes in its people. The Company is a recognized industry leader in developing and implementing best practices in the human resources area. Innovative compensation and benefit programs are in place at all levels of the company. Sunburst remains committed to developing opportunities for the career advancement of its associates while maximizing the value of assets in its portfolio.
Sunburst Hospitality Corporation
|Also See:||Sunburst Hospitality Opens the Atrium Court Hotel in Rockville, Maryland / October 2006|
|Sunburst Hospitality Completes Long-Term Disposition Plan, Reduces Debt, Improves Year-Over-Year RevPAR / June 2004|
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