Larkspur Hospitality Looking To Grow By Buying & Building

CORTE MADERA, CA— Despite the resistance of what can only be described as a soft and sluggish travel/hotel marketplace, Larkspur Hospitality Co. here is nonetheless determined to hold to its commitment to grow the company through new-building as well as acquisitions. Additionally, the organization is also open to continuing to take on management contracts for existing lodging properties. “We have over $100 million of committed growth capital and were looking for strategic hotel acquisitions or development opportunities,” said Larkspur shairman/CEO Karl Hoagland. “From 1997 to 2000, we constructed and opened 16 hotels on time and on budget, [and]the hotel-management team we built from scratch has performed extremely well.” Hoagland further noted that “our cash on cost ROIs have approached almost 20%, with far higher leveraged equity returns. Now were looking for another phase of substantial growth.” Mapping out his company’s game-plan, Hoagland said, “Were actively looking for independent or branded three- and four-diamond hotels as well as in-fill hotel sites on the West Coast in strategic business or resort locations. And since weve established the corporate infrastructure and people resources, were also looking to manage hotels where we can create value for other hotel owners.”