News for the Hospitality Executive
|January 2011 - NEWPORT BEACH, CA - For 35
Tarsadia Hotels has built wealth for a select group of clients by
turnkey solutions for the investment, development and management of
properties in major metropolitan cities and resort destinations
United States. Effective January 1, 2011, the expertise of this team
available on an industry-wide basis through the creation of three new
Evolution Hospitality, LLC; T2 Development, LLC; and Tarsadia
The new alignment offers untapped potential by allowing all three
pursue opportunities on their own behalf, as well as collaborate on
Evolution Hospitality comprises the hotel management team from Tarsadia and will be led by John Murphy as President. John is a 12-year veteran of Tarsadia Hotels and has led management services as Senior Vice President of Operations for the last four years. With the expertise to position or reposition an asset, his team covers every discipline, including a full-service in-house ad agency. These world-class operators, experts in their fields, combine a pervasive sales-driven culture with a proven ability to capture market share and manage the “middle-of-the-page” to drive margins and create value. Sophisticated proprietary tools and systems developed by the team allow the field to operate more efficiently, another key to the company’s management success. Evolution Hospitality is positioned to grow by acquiring fee-based management contracts and associated joint venture, sliver equity or wholly owned real estate investment opportunities.
As of release date, Evolution Hospitality is under contract to manage the Tarsadia portfolio and two third-party management contracts with Chesapeake Lodging Trust.
“Our goal is to be top-of-mind when someone is searching for management services for hotels that fit well into our wheelhouse – full-service, lifestyle and premium branded focused-service hotels primarily in the Western United States,” said Murphy. “We are equally interested in working with partners that offer an equity participation. We’ve always thought like owners – driving sales, ROI and NOI through our talented team and brilliant technology. It’s how we do business now and that will never change.”
T2 Development will be led by Mont Williamson as President, and includes the development and construction team from Tarsadia. Prior to joining the Tarsadia team two years ago, Mont managed Taisei Construction for 14 years as its Executive Vice President. His award-winning T2 Development team has the turnkey abilities to develop an asset from site and brand selection and entitlement, through the design, construction and delivery of an operating hotel facility. This full-service approach applies both to new facilities and integrated renovation programs to reposition an asset into a more profitable business. Through its CEO Mike Patel, T2 Development offers over 30 years of hands-on hospitality development experience and brand knowledge previously available only to the Tarsadia portfolio. T2 Development will grow through third-party merchant build projects, joint venture or sliver equity deals, turnkey joint venture opportunities, or as an owner operator.
“We know of other companies that can provide similar development services but there aren’t many that also want to put ‘skin in the game.’ Even fewer have the ability to offer a turnkey solution that includes management capabilities and an investment company relationship. The alliance of these three companies allows us to provide a complete package,” said Williamson. “We know we will have many different opportunities to grow, including some instances where we only provide third party development services. Our primary focus though will be to partner with landowners with sites that could support profitable hotels who need the expertise to develop and manage the asset, or building a portfolio of hotels ourselves.”
Tarsadia Investments will be led by Tushar Patel and Greg Casserly. Representing clients holding a diversified portfolio that includes hospitality assets, pharmaceuticals, financial services, infrastructure funds and net leases, Tarsadia Investments will manage its clients’ growth through the selective acquisition of a variety of investment assets.
“Tarsadia Investments has always been very active in the hotel space and that won’t change,” said Casserly. “We’re always on the hunt for new deals and enjoy working with the guys that know how to make them happen.”
As Tarsadia Investments’ clients broaden their interests in areas outside of hotels, Tarsadia Hotels founder BU Patel and his two sons, Mike and Tushar Patel, see the tremendous opportunities available in the establishment of the new entities by their respective ownership groups. “We are excited for these teams because we know their capabilities; they have been the foundation for all the value we’ve added to the Tarsadia Hotels clients’ portfolios during the past 35 years and have been instrumental in our success. Mobilizing these teams as the economy begins to improve is great timing for this incredible opportunity and we look forward to their success,” said BU Patel.
Matt Raine has been hired by the alliance as SVP of Business Development. In this role, he will be responsible for new hotel business activity through management contracts, joint ventures and acquisition opportunities. Prior to joining the team Matt was Senior Vice President of Development for Hard Rock Hotel Holdings and a 10 year veteran of Starwood Hotels & Resort Worldwide.
For more information about Evolution Hospitality, LLC; T2 Development, LLC; or Tarsadia Investments, LLC, contact Matt at 949-610-8026 or MattR@Tarsadia.com, or visit www.Tarsadia.com.