Officials of PM Hospitality Strategies, Inc. (PMHS) announced today that it capped off a record second quarter growth spurt with the recent addition/opening of three hotels, bringing to four the number of properties added to the company’s rapidly growing, third-party hotel management portfolio in the past 10 weeks.
The three new hotels include the operator’s entry into Manhattan under the Homewood Suites by Hilton brand, the acquisition of the Hilton Knoxville, Tennessee and the opening of the Hampton Inn & Suites Wilmington Christiana, its fourth property in Delaware along the busy I-95 corridor. The additions round out the previously announced second quarter opening of the Westin Wilmington, DE. All of the hotels are owned by The Buccini/Pollin Group, a privately held, full service, real estate acquisition, development and management company.
"We significantly expanded our infrastructure more than a year ago in anticipation of accommodating rapid growth by a select group of institutional grade investors with whom we work,” said Joseph Bojanowski, president of PMHS. “On the new-builds, we directed all construction and pre-opening activities. Operationally, we are seeing very rapid ramp-up as all three hotels are being well received in their respective communities. We have taken over management of the Knoxville hotel seamlessly, which already is benefiting from our proprietary operating and marketing systems.”
“PMHS has a proven track record of working with well-respected brands in primary markets and secondary markets with significant barriers to entry to dynamically improve their bottom lines,” said Dave Pollin, of The Buccini/Pollin Group. “During the course of our relationship, PMHS has consistently delivered premium performance, including on the bottom line. PMHS is well positioned as a true, national player to help us achieve our ambitious growth objectives. We look forward to expanding our relationship with PMHS as we both continue to grow.”
The four new hotels added in the second quarter include:
- Homewood Suites New York Midtown Manhattan Times Square South –The brand’s first entry into Manhattan is located just three blocks from Times Square at 312 West 37th St. and also is the brand’s largest hotel at 293 over-sized suites. Each suite is 25 percent more spacious than the typical Manhattan hotel room. The hotel’s unique design includes: a two-story lobby waterfall, a seasonal rooftop deck and garden terrace. The 22-story, all-suite property is owned by West 37th Street Operator LLC, a joint venture between The Buccini/Pollin Group, Albanese Development Corporation and Rockwood Capital.
“This property exceeded occupancy projections in its first week,” said Bojanowski. “We created a number of tailored marketing campaigns that are attracting a strong customer base and providing a great return on investment.”
- Hilton Knoxville – Situated in the heart of the business district and within walking distance of the University of Tennessee and the Knoxville Convention Center, the 320-room property was acquired by the The Buccini/Pollin Group. PMHS will oversee a selective renovation to the hotel, which will include public spaces, function rooms and guest rooms.
“The Hilton Knoxville has the premiere location in the city and with the completion of the renovation will be the city’s ‘newest’ hotel,” Bojanowski noted. “The renovation will be done in phases to essentially eliminate any guest disruptions.”
- Hampton Inn & Suites Wilmington Christiana-- The recent opening of the 136-room, Delaware State Green Certified Hotel is the company’s second new build to open in Delaware in the second quarter of 2014 and is the first Hampton Inn & Suites in the market.
“We have great expectations for this hotel,” Bojanowski said. “The I-95 corridor around Wilmington is thriving with multiple business and leisure demand generators. Operating four hotels in the immediate area gives us tremendous economies of scale.”
- Westin Wilmington - The 180-room LEED-silver designed hotel connected to the Chase Center on the Riverfront in Delaware opened earlier in the quarter and marks the Westin brand's entry into the state and the first new-build hotel in Wilmington in more than 30 years.
“This hotel fills a tremendous need for the meeting planning community, due to its connection to the Chase Convention Center,” “Bojanowski pointed out. “It also is right-sized and well located for business and leisure travelers in the hottest district in Wilmington with many new restaurants and shops in close proximity.”
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