News for the Hospitality Executive |
Associated Ventures LLC Expands its Extended-Stay Limited
Service Focus
.
Real estate development and
investment group says secondary
and tertiary markets are ripe
for repositioning
.
Los Angeles, Calif. � March 25, 2008 � Associated Ventures
LLC, an international real estate development and investment firm, based
here, announces that it is expanding its development focus in the limited-service,
extended-stay hotel segment. The development group is looking for approximately
15 limited-service conversion or new construction projects in secondary
and tertiary U.S. markets this year.
�We have expanded our strategy to reflect the convergence of several factors,� said Melanie Pennell-Mayer, Managing Member of Associated Ventures LLC. �First, while global economic growth continues to fuel the need for travel to secondary and tertiary markets, the economic slow down in the U.S. drives corporations both large and small to reevaluate their travel budgets in search of value-driven accommodations. �Second, because land and development costs are lower in these secondary and tertiary markets, our company sees an opportunity to develop and operate these hotels in an economically advantageous environment,� she added. �Solid value, high demand from multiple market segments, and a developer-friendly market place has generated this strategy.� Presently the company has identified sites in Biloxi, Miss., Tucson, Ariz., and Southern California that are being evaluated for development. ABOUT ASSOCIATED VENTURES
|
Contact:
Barb Worcester
Melanie Pennell-Mayer
|