August 20, 2012 · 0 Comments
SALISBURY, Md., August 20, 2012— (www.hospitalitybusinessnews.com) Officials at Marshall Hotels & Resorts, Inc., a leading hotel management and services company that operates properties nationwide and in the Caribbean, today announced that it has added two management contracts and two receiverships to its growing portfolio. The managed hotels include the newly opened 113-room Hampton Inn and Suites in the resort town of Ocean City, Md., and the 122-room Country Inns and Suites at the Louisville, Ky. airport. The two receivership properties, also managed by Marshall, are independent hotels located in Branson, Mo.
“There is significant activity by owners seeking new management companies and from lenders who are accelerating the number of properties they are taking back,” said Mike Marshall, president and CEO. “Of note, we see a sharp increase in interest from developers who have been largely on the sidelines the past four years. Although financing for new construction still remains difficult to obtain, deals are starting to get underwritten, and we expect to see a steady increase in this area due to our extensive expertise in both supervising construction and our track record in pre-opening and rapidly ramping up our hotels.
“We were quite active in pre-opening actives for The Hampton Inn and Suites in Ocean City, which opened earlier this month,” he said. “The property is on the bay and offers both an indoor and outdoor swimming pool. We expect this property to perform well. Our managed resort portfolio is enjoying its strongest summer in four years, a trend we see continuing.”
Marshall said the Louisville property will convert to the Four Points by Sheraton brand this fall, following an extensive renovation program that includes installing a full-service restaurant and bar. The management company is developing the restaurant concept, name and menu.
The two Branson properties are in the limited-serviced segment and comprise 330 and 440 rooms respectively. “We have already conducted extensive training and have significantly improved operations and guest satisfaction at both hotels,” he noted. “Working with the lender, we are reviewing suitable brand options for the hotels. We have strong relationships with all the major franchise brand families and currently are in negotiations.”