Lane Hospitality, Continuing to Grow in 2008 and Acquiring Third-Party Management Assignments, Anticipates an Active 2009
Chambers continued, "Lane understands owners' concerns because as hotel owners and investors ourselves, we have been through numerous cycles and know how to manage through changing business environments. Our expertise, resources and talent will help owners who may have not dealt with such challenges to maximize performance, create long-term operating value, and work through a tough period while preparing for the return to revenue growth that will certainly follow."
Over the past few years, Lane Hospitality has considerably strengthened its momentum by repositioning its portfolio with several significant acquisitions, elevating the quality of its assets and aligning itself with the best brands in the industry, while at the same time building its management teams and processes.
Examples of Lane Hospitality's third-party management success stories which have resulted in successful turnarounds, despite a challenging environment, include:
- Holiday Inn, El Paso-Sunland Park, TX: Lane managed this hotel through several cycles from a challenged real estate investment in receivership to become a top performing operation achieving outstanding guest satisfaction and strong financial performance.
- Doubletree, Annapolis, MD: Lane took this non-descript under branded asset and completely refocused its operating and marketing strategies, secured an industry leading brand and created strong architectural features and operating programs relevant to the local market; this has resulted in significant RevPAR and food and beverage revenue growth.
- Crowne Plaza, Wauwatosa, WI: Working with the Crowne Plaza brand team to design, develop and deliver what is the prototype for future new build Crowne Plaza hotels, Lane was able to deliver a truly upscale product at a development cost significantly below what other full service assets are costing. Creating a product which exemplifies the brand hallmarks of the "place to meet" has allowed this hotel to capture significant meeting, conference and catering business within the first six months of operations. The focus on an open design with a product that exceeds guest expectations and a strong service delivery process has resulted in outstanding guest satisfaction building strong repeat business and continued top line growth.
- Hilton Hotel, College Station, TX: Lane saw this hotel through an extensive repositioning and renovation (including an upscale steakhouse) to once again become a market leader.
- Meanwhile, Lane Hospitality reports significant additions to its portfolio in 2008 with a variety of industry-leading branded and independent hotels. They include:
- The acquisition of the award-winning Hilton Jackson, MS and the Courtyard by Marriott St. Louis, MO
- The opening of the Crowne Plaza Milwaukee-Wauwatosa, WI (prototype hotel), Courtyard by Marriott Gulfport, MS and Hampton Inn Gloucester, VA
- The complete revolution of the High Peaks Resort in Lake Placid, NY and Hotel Indigo Chicago-Vernon Hills, IL
In addition, Lane Hospitality has signed new management contracts including the Inn at Peachtrees in Atlanta, GA and the Radisson Hotel in Carteret, NJ. The company is finalizing contracts completing the addition of two more properties prior to year's end.
"Lane Hospitality is particularly adept at developing strong operating and marketing strategies, implementing successful business plans, renovating, re-branding and repositioning assets," added Chambers. "Our relationships with the top industry brands and our track record of operating quality hotels while protecting, enhancing and creating strong asset value ensure our ability to provide the professional management focus owners need, especially in this trying time period."
About Lane Hospitality | Formed by the Lane family in 1986, Lane Hospitality invests in and manages hotels with such leading brands as Hilton, Intercontinental Hotels Group and Marriott. With regional offices located in Chicago, IL, Houston, TX, and Newport News, VA, the company challenges its associates to strive for those service deliveries that will best enhance the overall guest experience. Throughout its history, Lane has consistently been recognized by such major industry publications as Hotel Business, Hotels magazine and National Real Estate Investor as one of the nation's top performing management and ownership companies. For information, visit .
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