News for the Hospitality Executive |
Briad Lodging Group Sells Portfolio of Ten
Northeastern Hotels Comprising
1,100 Rooms for $164 million to MCR Development, LLC
Construction
Begins on New 120-room Homewood Suites in New Jersey
Livingston,
New Jersey – December 20, 2010
-- Briad Lodging Group based in Livingston, New Jersey, one of the
nation’s
top-ranked hotel and restaurant developer/owner/operators, has
announced that
it has broken ground on a 120 room Homewood Suites in Atlantic City/
Egg
Harbor, New Jersey. “Following the recent
$164 million sale of our portfolio of 1,100 rooms, comprised of 10
Marriott and
Hilton extended-stay and focus-service hotels, we have commenced site
work for
this new hotel, expecting to open by spring of 2012.
In addition, we have several sites in various
stages of the approval process in anticipation of the hotel market
rebound. With a long track record in
hotel development, ownership and management, we believe we have a
competitive
edge in the hotel real estate niche market. We
will keep our focus on premium-branded hotels under
such flags as
Marriott, Hilton and Hyatt within the same geographic Northeast and Mid
Atlantic footprint”, said Steve Scharf, Vice President of Development
&
Asset Management for The Briad Group.
"Hotel development has slowed somewhat across the country, with financing hard to come by and the economy still sluggish. However, we are still finding great locations," Scharf said. “Having our own construction affiliate, we are able to build cost effectively and make difficult projects financially feasible. Construction and land costs both are noticeably lower, helping some projects get off the drawing board.” The recently sold Briad Lodging Group hotel
portfolio
included:
About The Briad Group Briad Lodging Group has been developing extended and select-stay hotels across the Northeast and Mid-Atlantic region for over a decade. With 23 hotels opened they represented over $400 million of hotel real estate development. The company has developed properties under the Residence Inn, Courtyard and Spring Hill Suites brands for Marriott; and the Homewood Suites and Hilton Garden Inn brands for Hilton. Additionally, Briad also owns and operates 70 T.G.I. Friday’s and 42 Wendy’s restaurants across eight states, employing approximately 10,000 people. |
Contact:
Steve Scharf Vice President of Development & Asset Management The Briad Group, 78 Okner Parkway, Livingston, NJ 07039 Phone: 973-597-6433 x1104 [email protected] www.briad.com |