News for the Hospitality Executive |
SALISBURY, Md.,
April 10, 2013 — Marshall Hotels & Resorts, Inc., a leading
hotel management
and services company that operates properties nationwide, today
announced that
it added four hotel managements contracts and one country club
management
engagement in the 2013 first quarter. The property locations
range from
Tyler, Texas, to Binghamton, N.Y.
“We have noticed a sharp uptick in local and regional banks wanting to dispose of lender-owned assets that require major renovations and are in danger of losing their franchise flags,” said Mike Marshall, president and CEO. “Lenders are at the decision point to either hold the troubled asset that currently is losing money and wait for the hotel economy to improve further or sell now. “The Catch-22 is that many of these hotels require an immediate major capital infusion to maintain their franchise flag or remain competitive,” he noted. “That carries more risk than many lenders are willing to take which is leading to more of these troubled assets coming to market. Savvy investors see the value on a risk-adjusted basis and realize that these properties typically are deep turnarounds that require repositioning and re-energized management, which is one of our key strengths.” The five new management contracts include:
“When the properties change hands, the investment groups need both an operator and someone with renovation expertise and strong brand relationships. We bring more than 30 years experience of successfully operating these kinds of properties, which helps us attract investors,” he noted. “We expect to see a continued increase in these properties trading hands.” About Marshall Hotels & Resorts, Inc. Salisbury, Md.-based Marshall Hotels & Resorts, Inc. has special expertise in operating three- and four-star branded hotels and resorts, averaging 100 to 500 rooms, in urban and central business districts, as well as suburban/drive-to and resort locations. In addition, the company has a proven track record managing independent resort and unique urban properties. The company has managed a wide array of leading hotel brands, including those under the Hilton, Marriott, Starwood, InterContinental Hotel Group, Hyatt, Carlson, Choice, Best Western and Wyndham flags. Additional information about Marshall Management may be found at the company's Web site: www.marshallhotels.com. |
Contact: Pat Daly, Jerry Daly, media Daly Gray Public Relations (703) 435-6293 [email protected]
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