for $18M; Pineapple Management Services
Assigned Management Contracts
|Gulfport, MS - January 9, 2004 has brought an
increase in management contracts for Pineapple Management Services. On
January 9, 2004 Encore Enterprises, Pineapple Management Services parent
Company closed on the acquisition of 4 more Marriott Hotels and awarded
the long term management contract to Pineapple Management Services. Encore
Enterprises, led by Chairman, Dr. Bharat Sangani, and President and CEO,
Patrick Barber, paid approximately $18M for the properties.
The acquired hotels are as follows:
Glenn Pedersen, President of Pineapple Management Services says: “We are excited about the acquisition of these 4 Marriott hotels. Over the last 10 years Pineapple Management Services has built 20 Marriott hotels in 6 States in the Southeast. Marriott has recognized our ability to develop, own and manage multiple hotels in multiple states. We have invested almost 1 million dollars in our infrastructure and technology systems. The addition of these hotels to our portfolio fits with our overall strategy of diversification by Brand and geographical location.
These four hotels are the share leader in their markets and profitable assets with physical plants that are in excellent condition. By implementing our Revenue Management Systems, Centralized Purchasing, Regional Management as well as Regional Sales Efforts, and our back office systems we look forward to taking these hotels to even better heights of performance." Pineapple Management Services has been recognized as one of the top 100 Hotel Management Companies as ranked by Hotel Motel Magazine in 2002 and its Corporate Headquarters is in Gulfport, Mississippi. (www.pineappleinc.com)
This is the first transaction for Pineapple Management Services which revolves around Encore’s first partnership structured transaction with a new outside investor. Pineapple Management Services has 375 employees in 8 states. Encore is focused on acquiring, developing and managing commercial real estate throughout the southeastern part of the United States. Their senior management has over 152 years of hotel experience and has developed over 150 Million dollars of Hotels and over 3.5 Billion of Real Estate. The company continues to identify development and acquisition opportunities that fit into its growth matrix. Encore Enterprises, Inc. acquired Pineapple Management Services in 2001.
Pineapple Management Services Inc
1201 25th Avenue, #200
Gulfport, MS 39501
(228) 864 - 9888
|Also See:||Pineapple Management Benefits: Technology Vendor Invests in Back-Office System Advances for Operators; ‘New Economy’ Demands Greater Efficiency in Hospitality Operations / Mar 2003|