News for the Hospitality Executive
PHILADELPHIA-June 1, 2012--GF Management, a leading national hotel ownership and management company, announces that one of its affiliate, UPHIC Associates, LLC, has acquired the 174-room Holiday Inn Charlotte University in Charlotte, NC. The hotel will maintain its Holiday Inn flag and will remain open during a scheduled $5 million renovation.
The acquisition of the Holiday Inn Charlotte University is GF Management’s first since 2006, and represents the culmination of a strategy developed to expand the company’s owned portfolio. Jeffrey Kolessar, Senior Vice President Development of GF Management, stated: “We restructured our acquisition division in early 2011 to identify ownership opportunities that match our investment criteria and allow GF to grow through acquisitions, in addition to our thriving management business. This acquisition is the first of many we expect to complete during the coming years either as internal investments or with equity partners.”
Beacon Hospitality Partners, a global hospitality advisory firm, served as advisor to the seller. “It was a pleasure to work with GF throughout this transaction,” said Brian Waldman, Managing Director of Beacon. “They exhibited professionalism and attention to detail throughout the process, a clear indication that they are serious about acquiring quality hotels. Thanks to GF’s focus and efficiency, the transaction was extremely smooth and even closed a week ahead of schedule.”
With this acquisition, GF owns or manages 22 hotels under the InterContinental Hotels Group (IHG) family of brands, including 12 Holiday Inns. Chris Drazba, Vice President, Owner & Franchise Services for IHG stated: “We are excited to work with GF as owner and operator of another Holiday Inn. GF knows what it takes to renovate and operate a successful hotel, maintaining above-average operating results and guest satisfaction. They always take pride in the product presented to the guest, and we are certain the Holiday Inn Charlotte University will be no exception.”
Since acquiring its first hotel in 1988, GF has grown into one of America’s leading hotel owners and managers with 15 hospitality assets now under ownership by its principals and affiliates. GF’s current owned and managed portfolio consists of more than 130 hospitality assets in 32 states, comprising over 22,600 rooms.
The Holiday Inn Charlotte University is located just north of center-city Charlotte featuring 174 guestrooms and boasting 5,000 square feet of flexible meeting space. The hotel also offers a business center and complimentary wireless high speed Internet. The University Patio & Grill is the on-site restaurant and lounge. Additional leisure amenities include a fitness center and outdoor pool.
GF Management is an award-winning, full-service hospitality ownership, management and advisory company founded in 1988 and based in Center City Philadelphia.
For more information, visit www.GFHotels.com.
For the full version of this release, visit blog.gfhotels.com.
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