Remington yesterday announced that Jarrad Evans has joined the company in the newly-created position of Chief Investment Officer.
Evans will lead the strategic growth, development, and investment initiatives for Remington’s growing portfolio of third-party managed independent, soft-branded, and hard-branded hotels and resorts. He is a hospitality industry veteran, and most recently served as Senior Vice President of Business Development and Strategy for Benchmark, a global hospitality management firm, where he leveraged his deep industry relationships to drive company growth. Evans earned an MBA from the W.P. Carey School of Business at Arizona State University and a BS from the E.W. Scripps School of Journalism at Ohio University.
"We conducted an extensive nationwide search to find an industry leader who could further advance our company, which is poised to see large growth over the coming years, and are thrilled that Jarrad is joining us," said Sloan Dean, Chief Operating Officer of Remington. “Jarrad brings 20 years of experience in leading development teams, and I know that he will bring tremendous value as we strengthen our focus on growth through third-party management. At Remington, we strive to be the best management company, not the biggest. Remington combines size with customized individual service to our owners.”
Remington is an enterprising, independent hotel management company successfully run for over 50 years. Originally founded in 1968, Remington has now grown into a leading hospitality service provider, managing 85 hotels in 26 states across 17 brands, including 12 independent and boutique properties. With a track record of success, the company has demonstrated a unique understanding of the hotel business in all phases of the lodging cycle. Remington is differentiated from other management companies by being keenly focused on increasing adoption of technology, developing desirable associate career programs, and creating operational efficiencies.
In early June, Ashford Inc. (NYSE American: AINC) announced that it had signed a definitive agreement to acquire the Hotel Management business of Remington. The transaction, which is expected to close sometime in the fourth quarter of 2019, is subject to approval by Ashford Inc.’s stockholders, the receipt of an acceptable Private Letter Ruling from the Internal Revenue Service, and customary closing conditions.
With the recent announcement of significant consolidation in the hospitality management sector, Remington’s renewed focus on third-party management could not come at a better time. Remington is rooted in five decades of financial outperformance, with a profit premium to the industry and RPI growth for five out of the last six years. Remington also has extensive experience in sales, marketing and revenue management for both branded and independent hotels, and provides strong centralized corporate resources such as procurement, accounting, legal, human resources, information technology, and risk management to all its managed properties.
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