Thursday May 16th, 2013 - 2:47AM
LOS ANGELES—At its 59th annual convention being held here, Choice Hotels International, Inc. revealed it entered into a joint venture with private investment firm Fillmore Capital Partners, LLC, and its affiliates to develop multiple Cambria Suites hotel properties, marking the brand’s first institutional investor.
“This is further proof to the investment and development communities that we are truly making great strides with Cambria Suites,” said Steve Joyce, Choice's president/CEO. “Institutional investors bring instant influence to the table and Fillmore Capital is as good as it gets. Their team has the relationships with investors and access to capital coupled with a deep understanding of the hospitality industry.”
The venture provides for development of multiple Cambria Suites hotels at locations within urban markets. Cambria Suites last year marked a triple groundbreaking in New York and more recently broke ground in downtown Washington, D.C., as part of a mixed-use project next to the convention center. Cambria Suites also is part of a major mixed-use development in Rockville, MD, next to Choice’s new global headquarters.
Ronald E. Silva, president/CEO of Fillmore Capital Partners, said, “The current hospitality environment presents a unique opportunity to partner with Choice Hotels and expand this emerging brand through development in major markets. Further, our affiliate, Fillmore Hospitality, will manage the Cambria Suites hotels that we develop. Fillmore Hospitality has extensive experience in establishing and supporting new and emerging brands along with independent hotels and resorts, which will provide a natural management fit for our properties.”
“The Cambria Suites and Fillmore synergies are a game changer,” said Michael Murphy, SVP/upscale brands for Choice. “We know Cambria Suites is the right product at the right time. And now we have a major partner saying the same thing by helping us bring even more product to market, faster than ever. Travelers today, especially business travelers, are asking for it. Upscale is among the fastest growing lodging segments in the industry where demand consistently outpaces supply across the country."