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The Generation Companies Awarded Management Contract for
New Suburban Extended Stay Hotel in Jacksonville, North Carolina

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RESEARCH TRIANGLE PARK, NC) The Generation Companies, LLC (Generation) a Research Triangle Park, North Carolina-based real estate developer, asset manager and operator of extended-stay hotels in North Carolina, Virginia, Florida, Tennessee, Texas, Georgia, Kansas  and Arkansas has been awarded the management contract for the Jacksonville, NC Suburban Extended Stay Hotel located near Camp Lejeune.  The approximately $8.5 million 121-room economy-priced hotel, currently under construction and slated to open in early 2010, was developed and is owned by Hotel de Estadia Estindida, a North Carolina limited liability company.
 
Hotel de Estadia Estindida owner Terry Leifheit is pleased to be partnering with Generation on the project. “Generation came highly recommended and displays the integrity, professionalism and proven track record of success that we were looking for in a partner on our first hotel venture,”  Leifheit stated. “We will be starting construction on our second project shortly, a 120-plus room extended stay Mainstay Suites in Jacksonville, NC.  We will call on Generation to help with the planning and operations of that project as well. We look forward to a long and profitable relationship with Generation.” 
 
"We're delighted to have been chosen by Mr. Leifheit and his partners to operate this latest, upgraded prototype Suburban Extended Stay Hotel,” said Generation Vice-President of Operations, Ron Jacobsen.  “I'm confident that the combination of their local Jacksonville history and contacts with our extended stay operating team will prove to be very successful."
 
The Suburban Extended Stay Hotel Jacksonville room rates are expected to range from $69 to $109, depending on the length of stay.  Rooms are equipped with a complete kitchen, including microwave, full size refrigerator, stove-top, coffee-maker, cookware and utensils; complimentary high speed internet (wireless/Ethernet); cable television; weekly housekeeping service; and on-site guest laundry. The Suburban Extended-Stay Hotel brand is a part of Choice Hotels International, home of brands such as Comfort Inn and Sleep Inn.
 
About The Generation Companies
The Generation Companies is a Research Triangle Park, North Carolina-based real estate developer, asset manager and operator of extended-stay hotels in Kansas, North Carolina, Virginia, Florida, Tennessee, Texas, Arkansas and Georgia.  Generation has more than 2700 hotel rooms and $200 million in real estate assets under management, and employs over 350 associates at 26 properties, with more under construction.  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:

Ron Jacobsen
Vice-President
The Generation Companies
       Rjacobsen@generationcompanies.com
919.361.9000 (ext. 230)
www.generationcompanies.com
 

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Also See: Developed and Owned by Nueterra Real Estate Development, LLC, the Suburban Extended Stay Hotel in Bentonville, Arkansas Will Be Managed by The Generation Companies / September 2008

The Generation Companies Acquires the 77-room MainStay Suites in Southwest Charlotte, North Carolina for $3.9 million / May 2008

The Generation Companies Breaks Ground on a $8.23 million Candlewood Suites in Destin, Florida / October 2007
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