Adds Four Properties in Second Quarter, All to Be Managed by PM Hospitality Strategies
Officials with Buccini/Pollin Group, a privately held, full-service, real estate acquisition, development and management company, announced today that it capped off a record second quarter growth spurt with the recent acquisition/opening of three hotels, bringing to four the number of properties added to the company’s rapidly growing hotel portfolio in the past 10 weeks.
The three new hotels include the ownership group’s entry into Manhattan under the Homewood Suites by Hilton brand, the acquisition of the Hilton Knoxville, Tennessee and the opening of the Hampton Inn & Suites Wilmington Christiana, its fourth property in Delaware along the busy I-95 corridor. The additions round out the previously announced second quarter opening of the Westin Wilmington, DE. All of the properties will be managed by PM Hotel Group, a leading, national hotel management company,
“We added more than 929 rooms to our hotel portfolio in the 2014 second quarter, the most in our 18-year history,” said Dave Pollin, of Buccini/Pollin Group. “The Homewood Suites by Hilton is both the brand’s and our first property in Manhattan, the nation’s most dynamic market, which is underserved in the extended-stay segment. We continue to have an aggressive appetite for additional growth in the premium branded, upscale full-service and focused-service segments. We have eight (8) properties in the planning stage and a robust acquisition pipeline. We believe now is the best time to invest in the hotel industry this century and expect to continue adding to our portfolio for the foreseeable future.”
“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,” said Joseph Bojanowski, president of PM Hotel Group. “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. We have taken over management of the Knoxville hotel seamlessly, which already is benefiting from our proprietary operating and marketing systems.”
The four new hotels under PM Hospitality Strategies management in the second quarter include:
Homewood Suites New York Midtown Manhattan Times Square South –The brand’s first entry into Manhattan is located just three blocks from Times Square at 312 West 37th St. and also is the brand’s largest hotel at 293 over-sized rooms which are 25 percent more spacious than the typical Manhattan hotel room. The hotel’s unique 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.
“This property already has reached eighty-five percent (85%) occupancy in its first week,” said Bojanowski. “We created a number of tailored marketing campaigns that are attracting a strong customer base and providing a great return on investment.”
Hilton Knoxville – Situated in the heart of the business district and within walking distance of the University of Tennessee and the Knoxville Convention Center, the 320-room property was acquired by Buccini/Pollin Group.
PM Hotel Group will oversee renovation to the hotel, which will include public space, meeting rooms and guest rooms. “The Hilton Knoxville has the premiere location in the city and with the completion of the renovation will be the city’s ‘newest’ hotel,” Bojanowski noted. “The renovation will be done in phases to essentially eliminate any guest disruptions.”
Hampton Inn & Suites Wilmington Christiana– The recent opening of the 136-room, Delaware State Green Certified Hotel is Buccini/Pollin’s second new build to open in Delaware in the second quarter and is the first Hampton Inn in the market.
“We have great expectations for this hotel,” Bojanowski said. “The I-95 corridor around Wilmington is thriving with multiple business and leisure demand generators. Operating four hotels in the immediate area gives us tremendous economies of scale.”
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.
“This hotel fills a tremendous need for the meeting planning community, due to its connection to the Chase Convention Center,” “Bojanowski pointed out. “It also is right-sized and well located for business and leisure travelers in the hottest district in Wilmington with many new restaurants and shops in close proximity.”