T.R. ENGEL Group, LLC Named Asset Manager for Dual Branded Hiltons in Chicago
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.
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."
About Intercontinental:
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades-long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively more than $10 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $6 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects.
About Jupiter:
Chicago-based Jupiter Realty Company is a privately held, development, investment and management firm since 1985 with its origins in real estate since 1960. Jupiter develops, acquires, finances, renovates, repositions, and sells hotels, mid-rise or high-rise, apartments, residential communities, office buildings, regional or neighborhood shopping centers, free-standing retail stores, industrial buildings, mixed-use properties and land in response to the ebb and flow of market cycles. Jupiter works closely with corporate clients, major tenants, institutions, pension funds, banks, REITs, lenders and other financial partners. Jupiter and its affiliates operate nationally with a special focus on the Midwest.
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