Partners for The Generation Companies LLC, an
Extended Stay Hotel Operator
RESEARCH TRIANGLE PARK, NC) - September 8, 2006 - This summer, 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 Greg Burnes of Suburban Extended Stay Hotel-Sterling, Virginia and Jonathan Allard of Candlewood Suites-Durham/Research Triangle Park, North Carolina. The Operating Partner Program, pioneered in the hotel industry by Generation in 2000, turns general managers into entrepreneurs. The promotion of outstanding managers to managing-partners means not only more autonomy, but also more financial interest in their hotel. To enter the program, general managers must complete an extensive 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, direct sales, and revenue growth.
In the hospitality industry for more than 20 years, Greg Burnes worked with White Lodging Services Corporation before joining Generation as Area Manager in Sterling in 2004. Jonathan Allard joined Generation this summer after eight years with Marriott’s Residence Inns.
Generation now boasts eight operating partners, more than one-third of its hotel management team. According to Ron Jacobsen, Generation VP of Operations, the program is paying off for the company. “Both Greg and Jonathan are wonderful additions to our program,” he explains. “They bring compelling leadership experience and deep values that will create high-performing teams and hotel assets. We’re thrilled with the opportunity to invest in the careers of Greg, Jonathan and our other operating partners – this ownership paradigm is gaining real momentum in our company.”
Having a say in the bottom line–both Generation’s and their own–is what inspired Allard and Burnes to commit to the program–and a whole new way of running their hotels. “This is a unique opportunity, not only professionally, but also personally,” Allard comments. “It’s my chance to remain in the same location and achieve my financial goals through a greater sense of ownership and pride in the hotel. You can have a great opportunity, but without a strong foundation and support, those opportunities go astray. Generation has the strong foundation and great people that will help me meet my goals. Plus, this gives Generation stability too, because I’m committed to stay and not relocate in search of that better opportunity.”
Burnes agrees that the Operating Partner Programs is a logical next step for talented general managers. “To accept more ownership in one’s responsibilities is the natural progression of a career path,” he states. “I’m fortunate to have found a company that takes that philosophy to the next level. The Generation Companies allows general managers to truly commit to excellence, and rewards those who are willing to accept the challenge. Very few companies have the vision to allow executive management to share in the profits of a property managed by the company. A lot of CEO’s ask for buy-in from their staff, but Generation honors that idea of buy-in every day in their mission and operations.”
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 $175 million in real estate assets under management, and employs over 350 associates at 23 properties. Generation is actively seeking new management, development and acquisition opportunities in the extended stay segment and has a number of hotels in various stages of development. For more about Generation, visit www.generationcompanies.com.
Ron Jacobsen, Vice-President
|Also See:||The Generation Companies Starts Groundbreaking Program that Turns Hotel Managers Into Owner-partners / Jan 2002|
|Laila Oinas Named Candlewood Suites-Sterling Operating Partner / May 2006|