News for the Hospitality Executive
Konover Hotel Corporation Solidifies its Position in the
Completes Multi-million dollar Renovations at Eleven Hotels
|West Hartford, CT – March 25, 2008 – Konover Properties
Corporation announced its 2007 year-end achievements demonstrating continued
growth in all major real estate markets.
West Hartford based Konover Properties Corporation develops, builds, acquires, manages, and owns real estate across many market segments, including hotels, residential, office, retail, industrial, mixed use, and specialty properties. The organization includes Konover Commercial Corporation, Konover Residential Corporation, Konover Hotel Corporation, SK Properties Development Corporation, and SIKON Construction Services, LLC.
“While the housing market may be in a down cycle,” said Simon Konover, President and CEO, “Konover Properties Corporation continues to flourish as demonstrated by the continued success within our five divisions.”
The Konover Hotel division solidified its position in the Midwest hospitality market in 2007 by completing multi-million dollar renovations at its eleven hotels in the region. A Konover-related entity purchased an ownership interest in the hotels in late 2006 and Konover Hotel Corporation assumed management of the properties.
“The focus of our efforts in the Midwest this year was to streamline operations, automate back office processes and invest in facility upgrades that will benefit our guests,” said Peter H. Mason, CHA, Executive Vice President of Konover Hotel Corporation. “With the completion of these renovations and the launch of all new hotel websites, we have successfully increased occupancy rates and are well positioned for continued growth.”
Konover Hotel Corporation's mixed portfolio of nine brands includes 20 select and full service hotels in four states, including the Connecticut Expo Center in Hartford and the Sheraton Hotel at Bradley International Airport. 2007 marked the Sheraton's 20th year of success in Windsor Locks.
“The Sheraton Hotel at Bradley International Airport is a premier facility,” said Mr. Mason. “Its successful partnership with Bradley Airport is indicative of the growth and longevity we strive for at all our facilities.”
Konover Hotel's success in the market was well recognized by the industry
in 2007, as Simon Konover, President and CEO, was named 2007 Connecticut
Hotelier by the Connecticut Lodging Association.
Konover Residential Corporation, which manages approximately 4,500 units of market rate and affordable apartments, as well as supportive housing, also achieved unprecedented growth in 2007. Konover Residential added 14 third party managed properties to its portfolio and received management fees in excess of $2.5 million.
Konover Residential provides property management services for both Konover controlled properties and for third party owners including ING Australia and CHFA. Geographically the sites range from New Hampshire into Massachusetts and Connecticut with outlying sites in Indiana, Pennsylvania and northern New York.
“The residential division has developed strong relationships with its property owners and regularly receives referrals from HUD and CHFA to manage affordable apartments and supportive housing communities,” according to Marie Mazzotta, President of Konover Residential Corporation. “We expect that affordable housing will continue to be a growth area for the company as agencies continue to recommend us to third party owners.”
Konover Commercial Corporation expanded its portfolio of properties under management. Early in 2007, Konover Commercial Corporation was awarded a five year contract for the management of the Uncas on Thames campus located in Norwich, Connecticut. Owned by the State of Connecticut, Uncas on Thames includes nearly 300,000 square feet of office, medical and healthcare space across 120 acres. Konover Commercial was also selected to provide property management services for the 450 space parking garage located at 315 Buckingham Street in Hartford, also owned by the State of Connecticut.
“We are very excited by the expansion of our property management portfolio,” said Elizabeth Judd, President of Konover Commercial Corporation. “Not only have we increased the number the properties under management, but we continue to expand our portfolio of multi-building campuses.”
Konover Commercial also signed property management contracts for buildings in Farmington and Glastonbury. Konover Commercial is managing the 76,000 square foot three-story office building at 30 Batterson Park Road in Farmington and the 72,000 square foot office building at 43 Western Boulevard in Glastonbury. The two properties were acquired by Konover-related entities in late 2007.
SK Properties Development Corporation and SIKON Construction Services, LLC, the development and construction divisions within Konover Properties Corporation, both had strong operating years in 2007. Condominium sales at Haley Brook, a 62-unit active adult community in Mystic, Connecticut, were steady through 2007 and the complex just sold its last three units. Luxury condominium sales at Laurel Hill at the Reservoir in West Hartford, Connecticut and at Somerset in Bishop's Corner in West Hartford continued well throughout 2007, with over sixty-five percent of the units now sold at Laurel Hill and 58% sold at Somerset.
SK Properties Development Corporation now has more than 625,000 square feet of new retail space in the permitting phase, with options to develop an additional 800,000 square feet in four additional developments across New England and upstate New York. The team at SK Properties has worked hard to re-create the relationships with retailers that so typified the Konover development format for 50 years. SK Properties now has a focused set of site criteria for a wide range of companies, from very small pad sites to large box retail centers, and build-to-suit expansion plans.
Konover Properties Corporation, headquartered in West Hartford, Connecticut, is a privately held real estate company with affiliated companies across several market segments. The company was started over 50 years ago by Simon Konover and has grown to one of the premier real estate companies in the eastern United States.
|Also See:||Konover Leverages Financial Automation to Add 15 Properties in 12 Months; Company expands portfolio by 15 properties without amassing excessive personnel costs / January 2008|
|Peter H. Mason Promoted to Executive Vice President of Konover Hotel Corporation / July 2007|