Hotel Online
News for the Hospitality Executive


advertisement


Terra Resort Group and MetWest Ventures Form New
Hospitality Company: MetWest Terra Hospitality

Innovative Partnership Combines Financial Expertise and Access to Investment
Capital with Experienced Hotel Management Team

September 20, 2010 (Jackson Hole, WY) – Terra Resort Group, the Jackson Hole-based hotel management company and MetWest Ventures, the Los Angeles-based investment firm, have formed a new company, MetWest Terra Hospitality.  The new company will manage an exclusive collection of properties in Wyoming, California, Vermont and Florida, and is actively pursuing new hotels to add to the group. MetWest Terra Hospitality will be based in Jackson Hole. 

MetWest Terra Hospitality will expand its collection of hotels nationwide through the procurement of third-party management agreements; partnership ventures with hotel owners, lenders, and capital investors; and acquisitions through affiliates of MetWest. In addition, the company will focus on aligning with financial institutions that own or are lenders to hotel properties.
 
“Terra Resort Group has a strong track record of managing and turning around hotels and now, with the resources from MetWest, we have the financial expertise and access to investment capital needed to improve the results of lenders and equity holders,” says Jamie Yarrow, named as President and COO of the company. 

Terra Resort Group was formed in 2006. The flagship Hotel Terra Jackson Hole opened in February 2008 as a Silver LEED certified, AAA Four Diamond hotel, slopeside to Jackson Hole Mountain Resort.  Shortly thereafter, Terra assumed management of the adjacent Four Diamond Teton Mountain Lodge & Spa and the Inn at Jackson Hole. Earlier this year an affiliate of MetWest Ventures purchased the Casa Madrona Hotel & Spa, a well-known boutique hotel in Sausalito, CA. MetWest retained Terra Resort Group to manage the hotel and lead an extensive renovation of the historic property.  

MetWest Ventures was founded by Richard Hollander in 1992.  Under Mr. Hollander’s leadership, MetWest has nurtured the development of several financial and investments advisory companies. Considering the recent dislocations in commercial real estate and specifically within hospitality, Mr. Hollander has once again turned his focus to real estate.  “When we began to work with the team at Terra Resort Group we quickly recognized the potential to create significant value together. Consistent with previous ventures, we saw an opportunity to combine our investment acumen with what we believe to be the foundation of an exceptional hotel management company,” says Richard Hollander, who now serves as Chairman and CEO of MetWest Terra Hospitality.
 
Yarrow, who spent nearly 20 years with Four Seasons Hotels & Resorts, added “from the beginning it was clear that MetWest would be the ideal partner to help fulfill the vision held by all of us at Terra Resort Group.  From the top down we are longtime luxury hoteliers who are well equipped to bring value to hotels through our service standards and operating expertise.  We know how to maximize a hotel’s potential.  Together we now have the unique opportunity to apply our skill set in a much larger capacity, with a capital engine behind us.”
 
“We approach every relationship as an opportunity to create a win-win scenario,” says Hollander.  “We have a long history of creating meaningful, successful alignments for the benefit of all of our stakeholders.  This new venture goes to the heart of this approach.”
 
About Terra Resort Group: Now known as MetWest Terra Hospitality, Terra Resort Group was formed in 2006 by Jamie Yarrow, President. Their flagship Hotel Terra Jackson Hole opened in February 2008 as a Silver LEED certified, AAA Four Diamond hotel, slopeside to Jackson Hole Mountain Resort. Shortly thereafter, Terra assumed management of the adjacent Four Diamond Teton Mountain Lodge & Spa and the Inn at Jackson Hole.  In 2010 Terra assumed management of the Casa Madrona Hotel & Spa in Sausalito, CA for MetWest and the Topnotch Resort & Spa in Stowe, VT for a bank that was taking over ownership. Terra was also engaged as an asset manager by the owners of Four Seasons Palm Beach in Palm Beach, Florida. www.terraresortgroup.com

About MetWest Ventures:  Richard Hollander formed MetWest Ventures in 1992 and since that time has created related investment strategies that have managed more than $80 billion in assets, including assets from several of the top 100 U.S. public pension funds. Through MetWest Realty Advisors, the company is an active investor in the commercial real estate space. metwestventures.com

.
Contact: 

 Samantha Denny 
Terra Resort Group 
Phone: (307) 739-4288
samantha.denny@terraresortgroup.com

.
.
 
Also See: SIMA Management Corp. Selects Terra Resort Group to Run the Casa Madrona Hotel & Spa in Sausalito, California; Affiliate of SIMA Acquired the 63-room Hotel as Part of Foreclosure Sale for $11.4 million / April 2010
Terra Resort Group Assumes Management of Topnotch Resort and Spa, in Stowe, Vermont / June 2010
.

To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch
Home | Welcome| Hospitality News | Classifieds| One-on-One |
Viewpoint Forum | Industry Resources | Press Releases
Please contact Hotel.Onlinewith your comments and suggestions.