News for the Hospitality Executive |
Co-invests in the Quality Inn Naval Base, Norfolk, Virginia
SALISBURY, Md., July 10, 2007 � Marshall Management, a leading mid-sized hotel management company, today announced that it has added three contracts to its management portfolio, bringing to seven the number of new contracts added year-to-date in 2007. The new contracts include: � Quality Inn Naval Base, Norfolk, Va. --The 120-room hotel, located at 8051 Hampton Boulevard, recently converted to the Quality Inn brand and will undergo a $600,000 renovation, including new soft goods and case goods. Marshall Management also is a minority investor in the project. �We have the financial strength to co-invest with owners when appropriate and continue to seek additional opportunities,� said Mike Marshall, president and CEO of Marshall Management.�We believe there is a significant opportunity to improve margins and profitability at these hotels,� Marshall said. �In a buoyant economy, virtually all hotels show increased revenues, but too many operators do not bring enough of those improvements to the hotel�s bottom line. We have developed proprietary management and marketing systems and programs that generate an immediate impact on a hotel�s performance. All three hotels already have shown a substantial improvement in guest satisfaction and profitability. �This is our seventh contract this year and we are well on our way to exceed the 11 properties we added last year,� he said. �We have an extremely active pipeline of properties in more than 11 states. �Concurrently, several of our existing owners have sold their hotels to harvest substantial profits from their initial investment,� he said. �This natural, cyclical turnover in our portfolio allows us to continue to provide hands-on senior management attention to each property we operate. We have the size and management depth to continue to generate superior returns yet small enough---a target portfolio size of 25 to 40 hotels�to know all of our properties in great detail.� Salisbury, Md.-based Marshall Management, founded in 1980, has special expertise in operating three- and four-star branded hotels and resorts, averaging 100 to 400 rooms, in urban and central business districts, suburban/drive-to and resort locations. In addition, the company has a proven track record managing independent resort and unique urban properties. The company has managed a wide array of leading hotel brands, including Hilton, Starwood, InterContinental Hotel Group, Choice and Wyndham. Additional information about Marshall Management may be found at the company�s Web site: www.marshallhotels.com. |
Contact:
Rick Day
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Also See: | Marshall Management Signs Contracts to Operate Four Hotels Under Construction / May 2007 |
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