PM Hospitality Strategies, Inc. Added Three Hotels at End of Q2
Thursday July 17th, 2014 - 10:01AM OP
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WASHINGTON, DC—PM Hospitality Strategies, Inc. (PMHS) ended the second quarter with the addition of three hotels, bringing the number of properties added to its third-party management portfolio in the past 10 weeks to four.
The three new hotels include the operator’s entry into Manhattan under the Homewood Suites by Hilton brand, the acquisition of the Hilton Knoxville, TN, and the opening of the Hampton Inn & Suites Wilmington Christiana, its fourth property in Delaware along the I-95 corridor. These are in addition to the previously announced second quarter opening of the Westin Wilmington, DE. All of the hotels are owned by The Buccini/Pollin Group.
"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,” stated 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.”
Homewood Suites New York Midtown Manhattan Times Square South, the brand’s first entry into Manhattan, is located three blocks from Times Square at 312 West 37th St. and is also the brand’s largest hotel at 293 over-sized suites. Each suite is 25% more spacious than the typical Manhattan hotel room, according to the company. The hotel’s 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.
Hilton Knoxville is situated in the business district and within walking distance of the University of Tennessee and the Knoxville Convention Center. The 320-room property will undergo a selective renovation, which will include public spaces, function rooms and guestrooms.
Hampton Inn & Suites Wilmington Christiana, a136-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.
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, according to the company.
Tags: PM Hospitality Strategies Inc. • PMHS • Buccini/Pollin Group • Homewood Suites New York Midtown Manhattan Times Square South • Hilton Knoxville • Hampton Inn & Suites Wilmington Christiana • Westin Wilmington • Hospitality • Management Companies • Openings •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.