(BOSTON, MA) T.R. ENGEL Group, LLC, (“TRE”), the Boston-based hospitality advisory, asset management, project management and transactions firm, has been retained by a joint venture between Boston-based Intercontinental Real Estate Corporation (“Intercontinental”) and Chicago based Jupiter Realty Company LLC (“Jupiter”), as asset manager of their dual-branded, 336 rooms and suites Hampton Inn by Hilton / Homewood Suites by Hilton Chicago Downtown West Loop.
In this role, TRE will provide operational asset management services working with Intercontinental and Jupiter and their hotel manager, Hostmark Hospitality Group. TRE currently asset and project manages 13 hotels and resorts—either open or under construction—on behalf of U.S., European and Middle Eastern investors. TRE also currently advises investors owning a portfolio of six (6) European hotels.
“We are proud that Intercontinental and Jupiter have entrusted us and brought us on board as their asset manager,” says Tom Engel, President, T.R. ENGEL Group. “We will work closely with all parties in overseeing each hotel’s performance, and will naturally interface with the management company on an ongoing basis to seek the profitability and increasing asset value of the development.”
According to Thomas R. Taranto, Jr., Intercontinental’s Chief Investment Officer, “With a keen focus on driving financial and operational performance in a specialized asset class such as hotels, it made perfect sense to partner with TRE for this initiative. We value both TRE’s experience in the Chicago market and in its understanding of the targeted customer segments we seek.”