Janus Taps Nanosky To Serve As President

BOCA RATON, FL? Janus Hotels and Resorts announced the promotion of Michael Nanosky to president. Previously president of hotel operations for Janus, Nanosky succeeds Jim Bishop, who recently resigned from the firm. Nanosky said he is not planning any major changes at Janus. “I had a lot of input in terms of direction as president of hotel operations. But we may now be more aggressive in growing the business from both the ownership and management side,” he said. While no additional management changes are planned right now, Nanosky said “we?re working on restructuring” but would not elaborate. Janus owns 16 hotels and manages 36 properties. The properties are concentrated in Ohio, Florida and along the East Coast. Brands include Holiday Inn, Days Inn, Ramada and Best Western. There are also a few independents in the Janus portfolio. Nanosky said Janus is now experiencing “tremendous” growth in its third-party management business. “It?s the strongest it has been in 10 years,” he said. “The industry?s overbuilding has caught up with it and some properties are going back to lenders. In addition, there are a lot of owners out there looking for experienced management.” Janus plans to grow its third-party management business, according to Nanosky, who joined the company in April 1997 after serving as group president of Beck Summit Hotel Management. “As far as the real estate we own, we look every day” for good acquisition candidates, he said. “We are going to stay in the full-service arena because we have more success from a profit standpoint in that segment. But we will still manage limited-service properties.” Nanosky has set his sights on some regions where Janus doesn?t now operate hotels. “We?d like to establish a West Coast presence, particularly California and Phoenix,” he said. Janus will be evaluating opportunities on the West Coast primarily from an ownership standpoint. “But third-party management contracts are a vehicle toward ownership for us as well,” he said, explaining that Janus often buys properties it manages. It is likely that the company will make some acquisitions before the year is out. “There are a number of projects we?re working on with lenders in the Midwest. We expect to purchase two or three properties,” Nanosky said.He estimated Janus? revenues for 2000 will be “north of $56 million,” up from $52 million in 1999. As far as the long-term strategy, Nanosky plans for “slow, methodical growth. Five years down the road we expect to have close to 70 properties with an equal mix of owned and managed properties,” he said.