DALLAS Although Paul Novak, co-founder of Bedrock Partners, has taken on a position with Burger King Corp., the move does not translate into a major change for the seven-year old company. Novak plans to remain the principal of Bedrock partners, while giving his co-founder, Rick Besse, greater control over day-to-day functions.
“Bedrock Partners today is really Bedrock Partners II. Paul was president of Bedrock I and I did a lot of consulting for him. When we formed Bedrock II, we did it in an equal partnership,” said Besse.
“Paul s move to Burger King represents an opportunity that was just too great for him to turn down. He will remain on with Bedrock as a principal and will be involved in executive committee decisions; and he will remain an investor in the company,” Besse continued.
According to Besse, the company will continue to move full-speed ahead on plans to expand its portfolio, with a hotel property currently under contract and plans to add four to five more per year for the next few years.
Bedrock Partners, which focuses on acquiring, converting, rebranding and repositioning older, full-service properties that have lost their competitive edge, is leveraging its nine-month-old relationship with Crestline Capital to acquire hotels located in primary and secondary markets in the continental U.S.
“Together with Crestline, we maintain ownership in the hotels we reposition. Crestline and Bedrock look for third party equity sources that will manage the hotels in a partnership. Primarily, our focus is on Marriott, Sheraton and Hilton flags and we don t plan to move outside the continental 48 states,” said Besse. (5/25/01) Kelly Wayne