News for the Hospitality Executive
Dallas, Texas — January 11, 2010 — Aimbridge Hospitality, one of the nation’s leading independent hotel investment and management firms based here, was selected by Credit Union Liquidity Services Inc., an affiliate of Texans Credit Union, to serve as hotel manager for The Plantation Golf Resort & Spa in Crystal River, Fla. The full-service hotel, conference center, golf course and marina rests on 232 acres and is located at 9301 West Fort Isle Trail.
The property, which was renovated in 2007, is approximately 90 miles north of Tampa Bay, Fla., and roughly 95 miles west of Orlando. In addition to the golf course, the property features approximately 13,000 square feet of meeting space, a full service restaurant, spa, fitness center, outdoor swimming pool, tennis courts, croquet lawn, volleyball, shuffleboard court, and a marina/dive shop. The Plantation Golf Resort & Spa also is located just minutes from the Crystal River Manatee Swim & Snorkel Tour, featuring the highest concentration of Manatee’s in the world. Known as the “gem of the nature coast,” Crystal River is a network of more than 30 springs, a system that travels west for about six miles before emptying into the Gulf of Mexico.
Daniel C. Peek, Senior Managing Director for Holiday Fenoglio Fowler, LP (HFF), the commercial real estate capital intermediary assigned by CULS in September to identify the best management entity for the property, said Aimbridge Hospitality was selected from among a talented group of hotel operators for its stellar management expertise, proven track record, organizational staffing, and its ability to take over the property with just seven days notice. Plantation Inn Hotel LP of Delaware owns the hotel. Aimbridge Hospitality assumed management of the property in November. The management company presently owns or operates 52 branded and independent hotels in 17 states, with another five properties currently under construction.
“We are delighted to have been recognized by CULS and the Texans Credit Union as the right management company to reposition The Plantation Golf Resort & Spa in the Crystal River community,” said Dave Johnson, Aimbridge Hospitality President. “Almost daily we read about hotel owners who are forced to turn their keys back to the respective lenders after defaulting on multi-million dollar loans. In the case of the Plantation Golf Resort & Spa, we view this as a real opportunity for us to bring value to the property and the community by returning it back to its rightful place as a paradise for vacationers and a coveted destination for meeting planners.
“The good news is this property is in great shape,” he added. “The great news is that together with TCU, we will do whatever it takes – including making minor capital investments and/or cosmetic repairs wherever necessary -- to reintroduce this premier property as one of Florida’s world-class, upscale resorts.”
The Plantation Golf Resort & Spa has been certified “green” by the Florida Department of Environmental Protection and was named North America’s Leading Green Hotel at the World Travel Awards 2008. It also has been listed repeatedly as one of the “Top 100 Performing Hotels” by Lodging Hospitality magazine.
Management Delivers Results
“We recognize the immense value that Aimbridge Hospitality brings to this property,” said Marty Caplinger, TCU Portfolio Manager. “They successfully managed a property previously that was received as a result of the borrower giving the property back to CULS. During that takeover period, Aimbridge Hospitality demonstrated quality management across all departments. Because this resort is in good financial standing, and with Aimbridge Hospitality at the helm, we expect to see positive trends soon."
Ric Smith, TCU VP of Real Estate Advisory, concurred: “Aimbridge Hospitality understands how to manage a property for a financial institution. The Plantation Golf Resort & Spa is unique in its market. It’s the only full-service resort property in the area, and it has been embedded in the community for a long time. Despite the current economy, there is still a demand for a hotel of this magnitude, and we believe that Aimbridge Hospitality will deliver results and meet this challenge.”
About Aimbridge Hospitality
Aimbridge Hospitality is one of the nation’s leading independent hotel investment and management firms with a proven track record for delivering superior returns for its strategic partners in a variety of markets and economic cycles. Aimbridge provides management, asset management, development, renovation and consulting services. Based in Dallas, Texas, Aimbridge currently owns and/or manages 52 upscale, independent and branded hotels with nearly 11,000 rooms across the United States, including such affiliations as Marriott, Hilton, Embassy Suites, DoubleTree, Hilton Garden Inn, Hampton Inn & Suites, Aloft, Hyatt, Wyndham and the Phoenix Inn Suites chain of hotels. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com.
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