|February 6, 2006 - (RESEARCH TRIANGLE PARK, N.C.) On January
1, The Generation Companies LLC (Generation), a Research Triangle Park-based
real estate developer, asset manager and operator of extended stay hotels,
welcomed new Operating Partners Richard Menster of Candlewood Suites/Fairfax,
Virginia; Rachid Alaoui of Suburban Extended Stay Hotel/Orlando South;
and Alan Reichard of Candlewood Suites/Hopewell, Virginia. The Operating
Partner Program, pioneered in the hotel industry by Generation in 2000,
promotes proven talented and ambitious hotel general managers to owner-partners,
giving them not only more autonomy, but also more financial interest in
their hotel. To qualify, general managers must complete a rigorous application
process, pay a good-faith deposit, and prove their operational expertise
with high scores in the areas of quality assurance, guest service, preventative
maintenance, telephone sales, and revenue growth.
Richard Menster joined Generation in 2000 as the inaugural general manager
of the Candlewood Suites/Fairfax in Virginia. Rachid Alaoui came on board
with Generation as operations manager of Candlewood Suite/Fairfax in 2000,
then was promoted to general manager of Suburban Extended Stay Hotel in
Orlando, Florida in 2003. Alan Reichard started with Generation in 2001
as operations manager of the Candlewood Suites in Richmond. In 2004, he
was promoted to general manager of the Candlewood Suites in Hopewell, Virginia.
Generation now boasts seven operating partners, accounting for nearly one-third
of its hotel management team.
“Our program team is growing by leaps this year as general managers
catch an entrepreneurial spirit, realizing how their own day-to-day sales
and management decisions can have a considerable impact on the profitability
of their hotels,” said Ron Jacobsen, Generation Vice- President of Operations.
“For many it brings the thrill of entrepreneurial risk while enjoying a
highly supportive corporate team environment.”
To a man, the three new operating partners believe that the benefits
far outweigh the risk. “This is the big picture–and a big opportunity
for success,” commented Alaoui, recent winner of Generation’s Property
of the Year for 2005. “Being an operating partner is all about commitment.
Generation trusts that I’m here to stay. I want to make the hotel
more profitable not only for the company but also for the owners–which
now includes me.” Richard Menster agreed that turning managers into owners
works. “It’s always been a dream of mine to be an equity owner and this
is a good first step towards meeting that goal. This program is designed
to retain better managers. This cements my commitment–and Generation’s
commitment–to run this hotel even better, thanks to an ownership attitude.”
The bottom line, according to Reichard, is a better bottom line. “Becoming
an operating partner makes good business sense–for me, the hotel and Generation.
Generation wants a long-term relationship with the people running its hotels
because that’s best for the property and the guests. By becoming an operating
partner, I’m committing to staying with this hotel and doing my very best.”
The Generation Companies is a Research Triangle Park, North Carolina-based
real estate developer, asset manager and operator of extended stay hotels
in North Carolina, Kentucky, Virginia, Florida and Tennessee. Generation
has more than 2800 hotel rooms and $130 million in real estate assets under
management, and employs over 350 associates at 24 properties.
|In January, The Generation Companies welcomed three new operating partners
to its team of seven: (left to right, front, with plaques) Rachid Alaoui
of Suburban Extended Stay Hotel/Orlando South; Richard Menster of Candlewood
Suites/Fairfax, Virginia; and Alan Reichard of Candlewood Suites/Hopewell,
Virginia. They join current Operating Partners (left to right, back) Michael
Donaldson, Candlewood Suites Raleigh/Crabtree in North Carolina; Jason
Liesegang, Candlewood Suites Richmond West in Virginia; Jimmy Davis, Suburban
Extended-Stay Hotel of Jeffersontown/Louisville, Kentucky; and Peter Hutchins,
Candlewood Suites Washington/Dulles.