New Hotel Development Projects
|ALPHARETTA, Ga., October 7, 2004,
2004 - Officials of Dellisart Lodging, a hotel ownership, management, development
and acquisition group, today announced that it has more than $66 million
worth of new hotel projects in its development pipeline. Four hotels,
located in Chicago, Ill.; Houston, Texas; East Windsor, Conn.; and Tupelo,
Miss., aggregating 508 rooms, are scheduled to break ground in the next
“These development projects represent the first phase of our strategic growth plan,” said Douglas E. Artusio, Dellisart founder, president and CEO. “Between our own capital resources and joint venture commitments, we have access to an additional $50 million in equity funding for the second phase of hotel acquisitions and development in the coming year. We also have an experienced team of hotel professionals in place with in-depth knowledge of development and management and all aspects of the industry.”
Dellisart will break ground on a 209-suite Staybridge Suites in Chicago during the first quarter of 2005. Located at the intersection of LaSalle and W. Huron, it will be the largest hotel in the Staybridge portfolio. Dellisart has a 25 percent ownership interest in the hotel in a joint venture with a well-known Chicago development company. Dellisart Lodging Hospitality Management will manage the hotel.
Additionally, Dellisart will break ground on a 122-suite Staybridge Suites in Houston, Texas this fall. Again, Dellisart will manage the property and hold a 25 percent ownership in the hotel in a joint venture with its Chicago partners. The hotel is located at 1215 Eldridge Parkway and is within minutes of the corporate offices of CITGO Petroleum and SYSCO Corp.
“The Staybridge Suites brand appeals to a wide range of guests on extended-stay trips, from business people on long-term assignments to families re-locating or simply on longer vacations,” Artusio noted. “We are delighted to have an on-going relationship with such a well-respected brand, which is part of the InterContinental Hotels Group family of brands, and look forward to future projects together.”
Dellisart also will break ground this fall on Wingate Inn hotels in East Windsor, Conn. and Tupelo, Miss. Dellisart is part of a joint venture specially formed for the Connecticut hotel, and partnered with a Tupelo-based development company for the Mississippi property. Dellisart will have a 25 percent ownership stake in the East Windsor property and a 20 percent ownership stake in the Tupelo property. Wingate is a Cendant brand.
“Cendant offers some of the most respected brands in hospitality,” Artusio stated. “Their satisfaction-guaranteed program, coupled with their new TripRewards® guest frequency program, makes them an attractive choice for business and leisure travelers alike.”
In addition to development, Dellisart actively is seeking third-party management contracts covering a variety of hotel brands and different ownership groups. Artusio views this service extension as a “significant opportunity for growth based on our ability to drive both top line and bottom line results. We hope to have as many as 12 new management contracts in the coming six months.”
According to Artusio, Dellisart’s hotel management group’s executive staff has more than 25 years of operations experience with most major brands, including a number of Marriott, Hilton and InterContinental products. “With our wide range of expertise, we are well qualified to handle hotels in a variety of segments, ranging from drive-to, mid-market hotels to four-star luxury resorts. We are owners and we manage like owners, with all critical aspects of success in mind: superior revenues, managed costs, a focus on guest loyalty, and long-term care of the physical plant.”
Alpharetta, Ga.-based Dellisart Lodging is an owner, acquirer, manager and developer of nationally branded, quality hotels throughout the United States. The company currently owns and manages two Staybridge Suites and is developing four additional properties aggregating 508 guest rooms and suites in five states, under such well-known brands as Staybridge Suites and Wingate Inn. Dellisart has focused initially on the extended-stay segment based on the superior cash flow and returns in the segment.
|Also See:||A 24 Member Class of Franchise Owners and Company Executives Complete the First Owners’ Association of InterContinental Hotels Group and InterContinental Hotels Group Leadership Institute / September 2004|
|Sun Development & Management Corporation Opens 148 room Staybridge Suites Hotels in Aurora, Illinois / July 2004|