Signs First Hotel in San Francisco/Oakland Market
Sees More Growth Opportunities
PM Hotel Group, a leading hotel management company, today announced that it has expanded its West Coast presence with the addition of a management contract to operate the Homewood Suites by Hilton Oakland Waterfront. The extended stay hotel in Oakland CA brings to four the number of hotels that the company manages or asset manages on the West Coast.
“Our management team has extensive experience operating and developing properties on the West Coast,” said Joseph Bojanowski, PM Hotel Group president. “This new contract marks a major new commitment for PM Hotel Group to expand our West Coast managed portfolio. This hotel also brings another new institutional investor to our portfolio, a key component of our growth. We now represent seven institutional investors and seek to add several more by year-end.”
Bojanowski said that PM Hotel Group has a proven track record in operating the Homewood Suites brand, with this hotel being the fifth Homewood in the company’s current management portfolio. “The San Francisco Bay area has rebounded strongly from the recession,” he noted. “We will oversee a modest refresh of the property, primarily soft goods upgrades, and will aggressively increase average daily rate to enhance the profitability of this well-located hotel.”
Overlooking the Oakland waterfront, the hotel offers a total of 132 studio, one-bedroom, and two-bedroom suites. Each suite features a fully equipped kitchen with granite countertops, a full-sized refrigerator, microwave, dish washer and two-burner cooktop. Hotel amenities include a fitness center, complimentary high speed Internet access, free daily breakfast and complimentary dinner and beverages Monday through Thursday.
“This is our third new management contract this year and we are on target to meet or exceed our goal of adding five to 10 hotels in 2013,” Bojanowski said. “Occupancy has recovered significantly and there is tremendous opportunity to maximize room rate. We have implemented a number of highly successful marketing programs across our portfolio and have enjoyed double-digit room rate growth, well above the industry average in the past 12 months.
“With the industry in robust recovery, we are seeing increased interest from owners and developers in new construction,” he said. “We anticipate that as much as 50 percent of our growth over the next three years will come from ground-up construction.”
About PM Hotel Group
Founded in 1995, PM Hotel Group is a third-party hotel management company and joint venture investor. It offers a full range of hotel operating services ranging from accounting to human resources, sales and marketing to information technology. PM Hotel Group also has expertise in development, construction and pre-opening services. The award-winning hospitality management company currently operates 20 hotels, comprising approximately 2,800 rooms under such leading brands as Hilton, Embassy Suites, Hilton Homewood Suites, Sheraton, aloft, Hilton Garden Inn, Fairfield Inn & Suites by Marriott, Comfort Suites and Comfort Inn. PM Hotel Group is headquartered in Washington, D.C. Additional information about the company may be found at www.pmhotelgroup.com.
