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Associated Ventures LLC Expands its Extended-Stay Limited Service Focus
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Real estate development and investment group says secondary
and tertiary markets are ripe for repositioning
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Los Angeles, Calif. – March 25, 2008 — Associated Ventures LLC, an international real estate development and investment firm, based here, announces that it is expanding its development focus in the limited-service, extended-stay hotel segment. The development group is looking for approximately 15 limited-service conversion or new construction projects in secondary and tertiary U.S. markets this year.  

“We have expanded our strategy to reflect the convergence of several factors,” said Melanie Pennell-Mayer, Managing Member of Associated Ventures LLC. “First, while global economic growth continues to fuel the need for travel to secondary and tertiary markets, the economic slow down in the U.S. drives corporations both large and small to reevaluate their travel budgets in search of value-driven accommodations. 

“Second, because land and development costs are lower in these secondary and tertiary markets, our company sees an opportunity to develop and operate these hotels in an economically advantageous environment,” she added. “Solid value, high demand from multiple market segments, and a developer-friendly market place has generated this strategy.” 

Presently the company has identified sites in Biloxi, Miss., Tucson, Ariz., and Southern California that are being evaluated for development.  

ABOUT ASSOCIATED VENTURES
Associated Ventures LLC, successor to Site Realty Inc., is a national real estate development and investment firm that has been responsible for more than 35 projects exceeding $1,000,000,000 in value with experience in all facets of real estate and places special emphasis on the hospitality and condominium sectors of the market.  Associated Ventures LLC acquires and invests in properties in domestic and foreign markets. In addition to its North American activities, AVI is actively working on the implementation of development projects in Russia and the country of Georgia. Currently, Associated Ventures has in excess of $800,000,000 worth of real estate under consideration or development. Associated Ventures continues to look for assets strategically placed within their respective markets with value added features that will allow us to expand our portfolio". Please visit our website at www.associatedventures.us.com.

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Contact:

Barb Worcester
 President/Principal
 PRPRO
Tel: (440) 930-5770
barbw@prproconsulting.com

Melanie Pennell-Mayer
Managing Member
Associated Ventures LLC
Tel: (310) 980-0162
 mipennell@associatedventures.us.com
www.associatedventures.us.com

 

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Also See: Associated Ventures LLC to Develop 'Hotel Highland' Collection for U.S. Market; Flagship property to open in Phoenix pending rebranding of Phoenix Inn Suites property and construction of an adjacent 80-unit condominium tower / March 2008
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