News for the Hospitality Executive
Encore Hospitality Joint Ventures with Sage Hospitality
Acquire and Manage Premium Branded Hotel Assets
DALLAS – September 15, 2010 -- Encore Hospitality (“Encore”), a subsidiary of Encore Enterprises, today announced that it has formed a joint venture with Sage Hospitality to acquire and manage premium branded hotel assets. The joint venture will combine Encore’s rapidly expanding portfolio of hotel assets with Sage Hospitality’s nationally renowned hotel management expertise. As part of the joint venture, Encore has named Sage Hospitality exclusive third-party management company for all of Encore’s existing and newly-acquired hotels. Pineapple Management Services, a division of Encore, will assist Sage Hospitality with some of the day-to-day management responsibilities, while Sage Hospitality will assist with due diligence in Encore’s acquisition process.
“This is an exciting time in the evolution of Encore Hospitality and we are very pleased to partner with Sage Hospitality,” said Dr. Bharat Sangani Chairman of Encore Enterprises. “We are currently seeing tremendous opportunity to purchase hotel assets well below replacement cost in markets with strong fundamentals for economic recovery. Bringing Sage Hospitality on board at this inflection point is a strong and strategic move as we seek to drive performance at every one of our hotels. Not only does Sage Hospitality bring best-in-class management, their team has a depth of experience that is unparalleled in the industry, and we look forward to working with them on many levels as we continue to build our portfolio.”
“This agreement is a strong endorsement of Sage Hospitality’s deep industry expertise and our world-class hotel management track record, and we are honored to welcome Encore as a highly valued partner,” said Walter Isenberg, President and CEO of Sage Hospitality. “Encore’s vision for hotel ownership and operations fits perfectly with Sage’s ability to effectively manage these assets while creating value across market cycles. They are well-positioned to continue gaining exciting momentum in the marketplace, as they bring vast capital resources, real estate expertise and hotel asset management capabilities. We look forward to collaborating with the Encore team to continue building one of the finest portfolios in the country.”
Pat Barber, CEO of Encore Enterprises, stated, “Since its founding in 1999, privately-held Encore Hospitality has purchased over $400 million of hotels consisting of 40 hotels in 13 different States. Encore’s portfolio currently includes six hotels including Spanish Fort Courtyard, Spanish Fort Fairfield Inn & Suites, D'Iberville Courtyard, Memphis Radisson Inn, and San Antonio Hampton Inn. Encore’s Opportunity Fund I last year raised $150 million and is dedicated to hospitality-related acquisitions. Encore will continue to focus on acquiring premium branded select and full service hotels in primary and secondary markets throughout the United States.”
Sage Hospitality is an established leader in hotel management, development and ownership. Currently, they operate 63 hotels in the select service, full service and luxury/boutique segments. As part of the joint venture, Sage has assumed management of all of Encore’s existing hotel properties, the Hampton Inn San Antonio Sea World, the Radisson Memphis Airport, the Courtyard Biloxi North/D’Iberville in Mississippi, the Courtyard Spanish Fort in Alabama, and the Fairfield Inn & Suites Spanish Fort in Alabama.
About Encore Enterprises
About Sage Hospitality
|Also See:||Encore Hospitality Opens the 125-room D'Iberville Courtyard by Marriott in Gulfport-Biloxi Metropolitan Area / May 2010|
|Encore Enterprises and its Management Company, Pineapple Management Services, Survived 2 Hurricanes, Lost their Corporate Offices and Acquired 15 Hotels in 2005 / January 2006|