Also under development by HMG and partners is the 118 room SpringHill Suites in Albuquerque NM, a 120 room HGI in Gallup, NM, a 104 room Fairfield Inn & Suites, Perris, CA, and a 109 room Residence Inn, Truckee, CA and a planned 160 room Embassy Suites, at McCarran International Airport, Las Vegas, NV.
Several other new builds and several conversions are also being considered. Funding is in place for all the mentioned projects with the exception of the Embassy Suites, Las Vegas were HMG is seeking a financial partner.
According to HMG CEO, Joel Biggs, HMG was fortunate to associate with strong development partners who had the capability to source financing just prior to the economic downturn for most of the afore mentioned projects.
“Development and construction costs abated and definitely worked in our favor,” said Biggs. “In one project, we saved just under $30,000 per room from our initial development budget due to construction savings.”
“We have numerous calls from lenders and receivers requesting our asset management services for distressed properties. These properties are distressed for a reason, mostly due to being undermanaged. Some properties represent good turnaround opportunities with an infusion of capital,” said Alan Bowles, Senior Vice President Development for HMG. “What we don’t see much of are fire sales of properties with turnaround potential,” said Bowles.
HMG has been in business 26 years and operates primarily in the Western United States.
For more information, please contact Alan Bowles, Senior Vice President in our Los Angeles office:
Hotel Managers Group
DoubleTree Hotel Los Angeles-Norwalk
13111 Sycamore Drive
Norwalk, CA 90650
# # #
SERVICES OF HOTEL MANAGER'S GROUP http://www.hmghotels.com/
Hotel Managers Group provides a full menu of development, operational, marketing and accounting services to hotels and resorts including:
• Complete Marketing & Sales Management
• Full Accounting Systems Development
• Human Resources Administration
• Risk Management & Consultation
• Short Term Management
• Project Consulting
• Food & Beverage Management
• Renovation & Construction Supervision
• Governmental & Franchise Compliance
• Customer Relations & Quality Control
• Project Analysis