NEW YORK- HOTELBUSINESS has learned that City Hotels plans to expand its portfolio from 12 to possibly 50 hotels within the next three years, according to Jerry Herman, executive director. The company plans to acquire up to 30 hotels, as well as break into the third-party management business with contracts for as many as 15 properties in the U.S.
“We not only acquired assets, but the quality talent to take the company to a mid-sized company with the infrastructure currently exists,” said Stephen Moore, president/City Hotels.
City Hotels recently completed an equity transaction with a subsidiary of the Almanij Group, a European institutional investor that now owns 20-30% of the company, which will aid in its expansion strategy.
The company initially plans to concentrate its acquisition efforts on the European market. This year it acquired the 131-room Holiday Inn Nice, France; a 47-room, four star boutique hotel in Paris; and a major redevelopment project in Brussels that will be flagged with an international brand.
In addition, City Hotels said that it already inked one third-party management agreement for a Homewood Suites hotel in Virginia.(11/13/00)