News for the Hospitality Executive
Marshall Management Signs Four New Hotel Management
Managed Portfolio Reaches 36 Hotels
|SALISBURY, Md., January 22, 2008—Marshall Management, a
leading mid-sized hotel management company, today announced four new hotel
management contracts. The company acquired three of the four contracts
in the last quarter of 2007, closing out the year with a record 13 contracts,
an increase of 20 percent from 2006. The new contracts include a
Hampton Inn in Greensboro, N.C., a Clarion hotel in Memphis, Tenn., and
the Country Inn & Suites in Chesapeake, Va. A fourth contract,
the Hampton Inn in Pittsburgh, Pa., is the company’s first of 2008.
Marshall’s total managed portfolio now comprises 36 hotels and resorts,
primarily national brands in the full- and select-service sectors and located
on the East Coast and Midwest.
All four properties are owned by separate groups. Three of the four properties will undergo moderate to complete renovations and upgrades. Marshall also provided pre-opening services for the Chesapeake property.
Of the four hotels, Marshall acquired a sliver equity interest in the two Hampton Inn properties. They bring to six the total number of properties in which Marshall holds a JV interest.
“2007 was an exceptional year for us, and we have gotten off to a strong start in 2008,” said Mike Marshall, president and CEO. “That being said, we intend to remain a mid-sized management company. Marshall has established itself as a company that can move quickly and provide hands-on, targeted services. It is our level of personalized service that has set us apart from other management companies, and we remain committed to that business philosophy.
“Owners of some of our properties achieved their investment goals and divested those assets,” he noted. “We expect this trend to continue, which will keep our overall portfolio size in the 30-to-50 hotel range, allowing us to continue to give hands-on senior management attention to each hotel we operate.”
Marshall said the company has completed a thorough review of the four properties and is focusing on improving operations and increasing revenue. “We have already begun to implement our proprietary marketing programs, which are having a positive impact on revenues. Cost containment programs are underway to improve margins without reducing service levels.”
Marshall pointed out that the company has the financial strength to co-invest selectively with its owners. “Some owners prefer that their operators have ‘skin in the game’ while others do not. We are flexible in our approach and are open to joint ventures when it makes sense for both parties,” he said.
The four new contracts include:
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, Hyatt, Choice and Wyndham. Additional information about Marshall Management may be found at the company’s Web site: www.marshallhotels.com.
|Also See:||Marshall Management Signs Contracts to Operate Four Hotels Under Construction / May 2007|
|Marshall Management Signs 11 New Management Contracts in 2006 / February 2007|