One of the contracts is an extension to be the exclusive manager of the Holiday Inn Hotel & Suites Chicago, IL for an additional five-year term. The other two include the Holiday Inn Gulfport Beachfront in Gulfport/Biloxi, MS, and a hotel in downtown Milwaukee, WI which are both planning significant renovations and brand repositioning.
Northbrook, IL-based Lane Hospitality owns and manages 18 hotels, resorts and time-share properties across the U.S.
"We appreciate the confidence these three separate ownership groups have shown in our organization, and look forward to the opportunity to create significant value in their hotels," said Bill DeForrest, President and CEO of Lane Hospitality. "Each of these assets has tremendous upside real estate value. Our experience in developing strong operating and marketing strategies, implementing successful business plans, especially in renovating, re-branding and repositioning assets, will allow us to help ownership maximize their hotels performance."
Property highlights include:
• The Holiday Inn Hotel & Suites Chicago is a 145-room hotel in the downtown area. The property offers 27 suites, several meeting rooms, an outstanding local restaurant (Aurelio's Pizza), and rooftop pool.
• The Holiday Inn Gulfport Beachfront in Gulfport is a 229-room property that occupies five acres of prime waterfront land in the dynamic Biloxi area. The owner, Gulfshores, Inc., has hired Lane Hospitality to explore redevelopment opportunities to reposition the property in this fast-growing market that attracts 21 million visitors annually.
• On January 1, 2005, Lane Hospitality began managing a 148-room hotel in the downtown area of Milwaukee, with plans in place for conversion to a major brand.
Lane Hospitality continues to look for acquisition opportunities focusing on under-valued assets requiring both an infusion of new capital and a creative approach to repositioning. In addition, Lane Hospitality offers full-service management expertise to owners and investors seeking to benefit from an aggressive approach to property appreciation. For additional information, contact Bill DeForrest at 847-291-5716 or email bdeforrest@lanehospitality.com.
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