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The Generation Companies Breaks Ground on a $8.23 million
Candlewood Suites in Destin, Florida

(DESTIN, FL) October 4, 2007 - The Generation Companies LLC (Generation), a Research Triangle Park, North Carolina-based real estate developer, owner, asset manager and operator of extended-stay hotels, recently broke ground for Candlewood Suites/Destin, a mid-priced 75-room extended-stay suite hotel.  The $8.23 million construction project located at 11396 US 98 West in Miramar, Florida is scheduled to open in March 2008.  "We are pleased to be reentering the Destin market so quickly after the hotel we had been operating in this area was sold to Blackstone, said H. Mark Daley, Generation President. As extended-stay products become better known, there is increasing demand for them in the traditional leisure market. We look forward to once again meeting the needs of extended-stay guests in Destin with a brand new Candlewood Suites hotel." 

The Candlewood Suites/Destin is a mid-priced 75-room extended-stay suite hotel with rates from $89 to $99 per night for a studio suite. It provides a unique amenity package including:  two phones using T1 lines with data ports throughout the suite; free wireless and wired Internet service; an oversized desk and executive chair; a recliner; bulletin board; and a fully-equipped kitchen, with everything from full refrigerator and dishwasher to stove and complete set of utensils.  All rooms feature at least one 32-inch LCD television with DVD player, and full size ironing board and iron.  The Candlewood also boasts a complete exercise room, free access to washers and dryers,  free local calls, a complimentary video and CD library, and the Candlewood Cupboard, a 24-hour honor system pantry. 

The Generation Companies is a Research Triangle Park, North Carolina-based real estate developer, asset manager and operator of extended-stay hotels in North Carolina, Virginia, Florida and Tennessee.  Generation has more than 2700 hotel rooms and $200 million in real estate assets under management, and employs over 350 associates at 23 properties.  Generation is actively seeking new acquisition and development opportunities in the extended stay segment. For more about Generation, visit www.generationcompanies.com. 

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Contact:

Kevin Famiglietta
Brand Manager, Candlewood Suites

The Generation Companies
919.361.9000
 

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Also See: Generation Companies Names Jeff Castleberry Director, Acquisitions & Development / June 2007
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