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News for the Hospitality Executive |
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AmericInn® Lodging System Seeking a Buyer, Currently
Owns and Franchises 216 Hotel Properties
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Chanhassen, MN, Aug. 18, 2008 � Northcott Hospitality International, a privately held company with extensive holdings in the lodging and hospitality industries, announced today that it has commenced a search for a buyer. The Chanhassen, Minnesota-based company is the parent of the AmericInn® Lodging System which owns and franchises 216 hotel properties across the United States, as well as 21 Perkins® restaurants and four Houlihan�s® restaurants. �We�re achieving great performance with strong prospects in all of Northcott�s business lines,� said Arnold Angeloni, CEO of Northcott Hospitality. �We�ve been doing very well in recent years, and are doing relatively well in 2008 even in the midst of a soft economy. We believe that Northcott Hospitality is well-positioned for current conditions and beyond.� �Our decision to seek a buyer is not a business decision; it�s a financial and estate planning one,� Angeloni continued. �In early 2008, the trust that controls 100 percent of our parent company decided that it was in the best interests of its beneficiaries to diversify their personal assets. That decision has led to this effort to sell Northcott Hospitality International.� The company has retained Greene Holcomb & Fisher, a Minneapolis-based investment banking firm, to evaluate the company and market it to potential buyers. Angeloni noted that the AmericInn brand, which operates in the Midscale hotel segment has never been stronger: �AmericInn has a solid track record of growth and a pipeline of hotel projects in development,� he said. �We have a great franchisee community and our investment in a strong system-wide reservations system is a valuable asset. Most importantly, though, we have a sustainable, unique marketing advantage with our AmericInn SoundGuard� construction that makes our hotel properties demonstrably quieter than others.� The company expects the process of identifying prospective buyers to continue for a period of months. For more information, prospective buyers may contact [email protected]. About Northcott Hospitality Northcott Hospitality International is a Minnesota-based company with headquarters in the Twin Cities� suburb of Chanhassen. Privately held, Northcott has more than 30 years of franchised hospitality management experience and maintains a superior reputation for excellent service in the lodging and restaurant industries. Its holdings include the AmericInn chain of 216 hotels and Perkins and Houlihan�s restaurants strategically located across the United States. About Greene Holcomb & Fisher Greene Holcomb & Fisher is a Minneapolis-based private investment banking firm that specializes in sophisticated, independent mergers and acquisitions, private placements and financial advisory services for middle-market and growth companies. The firm�s senior professionals have completed over $40 billion in transactions for hundreds of leading public and private clients nationwide. |
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Paul Maccabee
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