News for the Hospitality Executive |
Richfield Hospitality Adds Six
Hotels to Portfolio in 2010,
Opens 2011 with Three More
DENVER, February 1, 2011—Officials
of Richfield Hospitality, a
leading hotel management
company, today announced that the company added six hotels to its
third-party
management and ownership portfolio in 2010 and has started the new year
with
three more.
The company has taken over management of
the Sheraton
Bloomington, Minn., hotel and will oversee a $12.5 million renovation
of the
hotel and convert it to the Doubletree Hotel brand. The company
has
signed contracts to acquire a full-service hotel in which it will
invest 75
percent of the capital and another full-service hotel as a sliver
investor. Both hotels are located in the top 50 MSAs and are
expected to
close during the first quarter. Richfield will manage both hotels. “We met or exceeded all of our 2010 goals
and are
particularly encouraged by a number of new partnerships and
relationships that
will allow us to leverage our and our partners’ capital to aggressively
acquire
hotels in 2011,” said Greg Mount, Richfield Hospitality
president.
“We expect to exceed our 2010 pace in 2011 and add as many as 10
properties to
our portfolio both through third-party management and
acquisitions/joint
venture partnerships. Our partners, Richfield and our parent
company,
City Development Limited, continue to have significant capital to
deploy,
ranging from structured finance to joint ventures and direct
acquisitions. Mount said third-party management will
remain Richfield’s
core business, although it has the flexibility and capital to provide
sliver
equity of up to 25 percent. “We have added significantly to our
bench
strength with experienced operators like Moby Ahmed and Tom Clearwater
to
accommodate our recent growth and our planned growth this year,” he
noted. “We are opportunistic but will grow on a deliberate,
planned
basis.” The company’s Sceptre Hospitality
Resources division
completed its plan to establish the hotel industry’s first global
full-service
marketing organization. “A year ago, Sceptre essentially provided
connectivity. We now offer a full suite of sales and marketing
services
that drive top-line revenues to hotels regardless of brand affiliation,
including direct sales and marketing services, e-commerce marketing
that
improves on-line presence, and a variety of revenue management
services, as
well as other cloud-based applications, such as property management
systems and
sales automation. Key additions include a strategic alliance with
Hospitality eBusiness Strategies (HeBS), the industry’s leading direct
online
channel strategy and hotel Internet marketing firm, to dramatically
step up
Sceptre’s eCommerce support for its nearly 500 clients. In late 2010, Sceptre created a new
revenue management
oversight service that provides a total overview and measurement of all
revenue
management activities, from e-marketing to direct sales, from room rate
to
promotions, regardless of whether the property is operated by the
owner, a
brand or a third-party operator. Among its initial clients is the
Lodgian
portfolio, which is managed by six difference management companies. Sceptre Hospitality Resources maximizes revenues for hotels and resorts. Today, about 500 properties rely on Sceptre to provide electronic distribution, reservations connectivity, channel management, site and search engine optimization, revenue management strategies, reservation call centers and direct booking engines. Sceptre also provides interactive marketing programs, including website design, online advertising campaigns, social media solutions and other guest communication systems. Additional information about Sceptre and hospitality industry marketing trends and tools may be found at the company’s website: www.esceptre.com. About Richfield Hospitality Richfield Hospitality, Inc. is a leading hotel management company with a premier track record of maximizing profitability and improving asset values for hotel owners. Richfield and its affiliates offer proven solutions and expertise to approximately 500 hotels and resorts. From hotel operations and property management to electronic distribution and interactive marketing, Richfield achieves superior operating results through its strong commitment to owners, guests and associates. Based in Denver, Richfield is part of City Developments Limited, one of the world’s largest real estate, hotel investment and technology conglomerates with a market capitalization exceeding US$6 billion. Additional information about Richfield Hospitality may be found at the company’s website: www.richfield.com. |
Contact:
Julie
Tullbane Daly Gray, Inc. 703-435-6293 [email protected] |