Lodging Unlimited Signs Five Management Contracts, Announces Plans to Double Management Portfolio in Next Two Years

Concurrently, the company announced plans to double in size from its current portfolio of 15 hotels to approximately 30 properties over the next two years. "We have the scale, people and systems in place that give us the depth and economies of scale to provide the benefits comparable to large management companies, but with the personal attention of senior management available at smaller management companies," said Morris Lasky, LUI president and CEO. "LUI has managed more than 250 hotels in its 35-year history, and we believe a management portfolio in the 30-property range is the right size for us. We seek to manage hotels and resorts that range in size from 80 to 500 rooms in the mid-scale and upscale segments."

"With offices in Chicago, Phoenix and Philadelphia, we have the geographic dispersion to closely supervise the operations of properties anywhere in the U.S.," said John Cauvin, president of LUI West in Phoenix. "Collectively, the senior management team brings more than 85 years of hospitality-related experience."

Lasky said the company has in-depth expertise in all phases of hotel operations, ranging from development and repositioning to deep turn-around situations. "We have improved operations at profitable hotels and have taken over troubled properties that have been taken back by lenders."

"We welcome challenges and work with the philosophy of aligning our interests with the owners' and providing immediate impact when we take over a property," Cauvin added. "When appropriate, we will invest side-by-side with our owners. We believe the current environment is particularly well-suited for growth, as the volume of hotel real estate sales has steadily increased in the past 18 months, a trend we see continuing for the foreseeable future. When hotels change hands, new owners typically engage new operators."

Each of the five hotels will receive significant upgrades in a comprehensive renovation program; LUI will oversee the renovation process at each property. The hotels include:

• The 105-room/suite Baymont Inn & Suites in Coralville, Iowa.
• The 87-room/suite Baymont Inn & Suites in Cedar Rapids, Iowa.
• The 100-room Baymont Inn & Suites in Gaylord, Mich.
• The 100-room Microtel in Streetsboro, Ohio.
• The 100-room Microtel in Roseville, Mich.

"We've already experienced marked changes at these properties," Lasky said. "The renovation process is already underway at each property, staff re- training has been implemented and our new marketing plans have been engaged. We expect these and other alterations to quickly push these hotels to market leadership positions in their respective markets."

"We are not mere caretakers," Lasky noted. "We hit the ground running and make an immediate impact when we take over a hotel by creating improvements that entice new and returning guests."

Lodging Unlimited is a mid-sized, national hotel management company that has operated more than 250 hotels valued at more than $6 billion over its 35- plus-year history. With offices in Chicago, Phoenix, and Philadelphia, the company targets hotels and resorts in the mid- and upscale segments, typically ranging in size from 80 to 500 rooms. The company currently operates approximately 15 hotels with more than 2,500 rooms.