Marshall Hotels & Resorts Adds New Build Hotel Projects, One Spa and Two Additional Management Contracts During Second Half 2016
Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, today announced that the company has enjoyed a record 2016, signing six new build hotels and a stand-alone spa to its construction pipeline, as well as adding two new management contracts, in the second half of the year alone. The hotels are scheduled to come on-line following construction completion, bringing the company’s portfolio to 60 hotel contracts year-to-date.
“With eight properties in the pipeline and 14 new third-party hotel management agreements signed in the first half of 2016, combined with these additional eight hotels and a spa, we will post a record growth year,” said Mike Marshall, president and CEO. “Our full suite of proven hotel management services, including staff training, construction oversight and pre-opening through long-term planning and asset sale, provides owners with the confidence that all phases of the hotel’s lifecycle are covered.”
“Although the industry as a whole has rebounded nicely over the last few years, a substantial number of hotels, whether performance- or market-related, have not fully optimized revenue and profit opportunities,” Marshall added. “As industry growth moderates, these owners seek stronger management companies with proven track records, providing companies like ours with exceptional growth opportunities during this phase of the hotel industry cycle.”
The properties added to the company’s pipeline and that currently are under construction include:
1. 96-room Bernic Boutique Hotel in Manhattan, N.Y.
2. 75-room Microtel Inn & Suites in Long Island City, N.Y.
3. 87-room Ascend Hotel Brooklyn, N.Y.
4. 57-room Best Western Brewster, N.Y.
5. 40-room Curio by Hilton West Chester, Pa.
6. Spa Castle Premier 57 in Manhattan, N.Y.
Additionally, Marshall added the following contracts to its portfolio of third-party managed hotels.
1. 163-room Heritage Hotel & Conference Center in Southbury, Conn.
2. 150-room Hampton Inn and Suites in Yonkers, N.Y.
“We have helped develop more than 25 properties over the last decade,” Marshall noted. “These properties are located in the Northeast Corridor, one of the most challenging construction regions in the country. We have a strong track record of completion on budget and look forward to completing these projects in 2017 and ramping up quickly. We also have been involved in spa operations and development for more than 10 years and see continued growth opportunities in this sector.”
The company also has signed additional management agreements currently in the early development stage, which are expected to get underway in 2017 or 2018.
Marshall also noted that two properties the company recently opened, the Hampton Inn & Suites Ephrata and the Hampton Inn & Suites Mt. Joy, both in Pa., recently sold, resulting in handsome returns for ownership. “We believe strong sale prices in a tightening marketplace where buyers and sellers don’t always see eye-to-eye is a testament to our ability to quickly get a hotel up and operating efficiently and profitably. When the time is right for owners to sell, we are the first ones to advise them to do so,” he said.