News for the Hospitality Executive |
DENVER,
Colo. - - September
29, 2011—Officials of Richfield
Hospitality
,
a leading hotel management company, today announced that it is on track
to more
than triple its original size of 20 managed hotels by year’s end in
2015.
Recently, the company added four management contracts, bringing the
total
number of hotels in its portfolio to 34.
The properties include the 270-room Crowne Plaza Melbourne Oceanfront Resort and Spa in Fla.; 282-room DoubleTree by Hilton Hotel Dallas-DFW Airport North in Irving, Texas; 190-room Four Points by Sheraton Philadelphia Northeast; and 193-room Crowne Plaza Pittsburgh Airport Hotel in Coraoplis, Penn. The properties will undergo differing renovation and repositioning programs for a combined total of approximately $12 million in additional investment. The DoubleTree by Hilton Dallas-DFW Airport North hotel was recently rebranded, and the Crowne Plaza Pittsburgh Airport Hotel will convert to Starwood’s Sheraton brand. “We expect to accelerate our growth in the coming months, both on the Richfield and Sceptre sides of our business,” said Greg Mount, president, Richfield Hospitality. “We are looking at acquiring other companies to expand our hotel management platform and our marketing capabilities. On the management side, there are a number of smaller companies that started-up at or just after the peak several years ago. Those companies struggled in this deep downturn, and they will need to merge with larger companies like Richfield that have the systems and economies of scale in place. The marketing side is ripe for consolidation, and we expect to be a major player. We see substantial growth domestically, as well as international opportunities, as the world becomes increasingly smaller.” “These are excellent properties with a considerable upside potential,” said Angela Landgraf, senior vice president of development & management services, Richfield Hospitality. “The Crowne Plaza Melbourne Oceanfront Resort and Spa marks our first oceanfront property in our current portfolio, though we have significant resort expertise within our organization. We look forward to aggressively building our resort portfolio.” About the Properties:
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 550 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: Chris Daly/Lauralee Dobbins media (703) 435-6293 [email protected] |