News for the Hospitality Executive
Shaner Hotels Partnership with Rothschild Realty Managers
Capital for Growth; Breaks Ground on Three Marriott Select
Service Hotels in Florida and Georgia
STATE COLLEGE, Pa.- June 12, 2008 - Shaner Hotel Group announced today that it has broken ground on three new Marriott Select Service hotels in Florida and Georgia, with three more scheduled to begin construction in the next 45 days. Three of the six properties are scheduled to open in Q1 and three more in Q2 2009.
Shaner properties under development include a 98-room Courtyard and 82-room Fairfield Inn & Suites by Marriott in St. Augustine, FL; a 97-room Courtyard and 108-room Residence Inn by Marriott in Kendall Town (Jacksonville), FL; as well as 87-room and 80-room Fairfield Inns & Suites in Lakeland, FL and Augusta, GA, respectively.
“Through our new partnership with Rothschild Realty’s Five Arrows, we are selectively but aggressively seeking out high-end opportunities for our development platform in stable, growing markets,” said Plato Ghinos, Sr. VP of Development for Shaner.
Shaner Hotel Group formed a new partnership with Five Arrows Realty Securities IV, L.P. (Five Arrows) in November 2007. The new partnership, Shaner Hotel Holdings Limited Partnership (SHHLP), consists of hotel interests from Shaner Hotel Group (SHG), a private company owned by Lance T. Shaner, and a capital commitment by Five Arrows. Shaner, together with its affiliates, own and manage 23 hotels, with an aggregate of over 3,500 rooms located in 14 states. SHHLP is investing approximately $200,000,000 for the development and construction of twelve to fifteen new Marriott-branded hotel properties.
Five Arrows I through IV are a series of investment funds managed by New York-based Rothschild Realty Managers LLC, a leading provider of growth capital to public and private real estate companies. As part of the transaction, Pike Aloian and John McGurk, Principals of Five Arrows, joined the SHHLP board.
Privately-held Shaner, parent company of Shaner Hotels, is based in State College, PA. It owns and manages diverse holdings in the lodging, investment, energy and professional services sectors. For more information: http://www.ShanerCorp.com
Rothschild Realty Managers is New York-based investment manager which provides entity-level growth capital to public and private real estate operating companies. Through Five Arrows Realty Securities, a series of funds that invests capital committed by pension funds, endowments, foundations and high net worth individuals. Rothschild Realty has committed approximately $1.4 billion of capital into 21 entity-level investments. For more information: http://www.us.rothschild.com/realestate
|Also See:||Shaner Hotels Forms Partnership with an Investment Fund Managed by Rothschild Realty; Up to $200 million of Debt and equity Available for Up to Fifteen new Marriott-branded Hotels / December 2007|
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