News for the Hospitality Executive
Associated Ventures LLC Expands its Extended-Stay Limited
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.”
ABOUT ASSOCIATED VENTURES
|Also See:||Associated Ventures LLC to Develop 'Hotel Highland' Collection for U.S. Market; Flagship property to open in Phoenix pending rebranding of Phoenix Inn Suites property and construction of an adjacent 80-unit condominium tower / March 2008|