Acquisitions & Hotel Openings

LUIGC Appointed Receiver for Country Hearth Inns & Suites Hotel in Indiana

CHICAGO, IL /NEW YORK, NY - January 25, 2012 - The Lodging Unlimited Group of Companies (LUIGC), a hotel investment and services organization, today announced that it has been appointed receiver by a Midwestern savings bank for the Country Hearth Inns & Suites hotel in Madison, Ind. The hotel will be operated by LUIGC’s Chicago-based hotel management division, Lodging Unlimited, Inc., which has a 50-plus-year proven track record of operating and turning around troubled hotels. It is the eighth hotel currently owned or operated by the company.

“Many hotels were unable to survive the severe economic downturn and credit crunch and require a significant infusion of re-energized management, updated marketing strategy and creative financing,” said Morris Lasky, chief executive and founder of the management company. “We have a significant number of relationships with lending institutions and expect to increase our work as a receiver over the next 24 months. Our role for this property is to dramatically improve top-line revenues, rebuild margins and enhance employee morale. That combination will help us quickly re-establish the hotel in its market, return it to profitability and significantly improve its value.”

Lasky noted that the company is building its hotel management portfolio through taking on troubled and profitable asset assignments, both individual hotels and portfolios, and through acquisitions through its sister company, The Lodging Opportunities Group (LOG).

LOG is a recently formed opportunistic investment company formed to acquire troubled assets that require significant hands-on turnaround and repositioning expertise. Headquartered in New York City, the fund currently has a significant pipeline of both single assets and portfolios.

“We organized our group to respond to the opportunities that are emerging from the latest down-turn,” said Marty Schiffman, president of LOG. “Combined, our executive team brings more than 150 years of hotel and real estate investment experience, including ownership, third-party management, asset management and consulting on hotel assets valued at more than $8 billion in the aggregate, comprising more than 300 hotels.” The organization historically has been an active participant in the troubled segment of hotel management, and along with management, provides litigation support, development consulting and crisis consulting.

The Lodging Unlimited Group of Companies includes management divisions, Lodging Unlimited Inc.; Lodging Unlimited West, the group’s Scottsdale, Ariz.-based hotel management division; and LOG. Additional information about the company may be found at www.lodgingunlimited.com or by calling Morris Lasky at (312) 595-1390, Marty Schiffman at (212) 909-8420, or John Cauvin at (480) 443-0909, x100.

Sign up to receive more articles like this on the Hotel Newswire Daily Digest eNewsletter.