Elite Meetings Announces Capital Investment from Jones Equity
Company receives initial $2 million investment, backed by $5 million in revolving credit
SANTA BARBARA, CA, July 10, 2007. Elite Meetings International (EMI) announced today the company has received a $2 million equity investment from Jones Equity Partners (JEP). The agreement also gives EMI direct access to an additional $5 million in a revolving line of credit.
With the investment by JEP and their wholly owned technology company, Ascendim, which specializes in search engine optimization and web marketing, EMI plans to quickly become a dominant player in the meetings and events industry.
"We are very excited about our investment in EMI," says JEP'S co-founder and managing director, Marc Jones. "Not only are we very impressed with Kelly Foy, CEO, and his team, but the market they represent provides substantial room for growth. And with the aid of our online marketing company, Ascendim, the sky is the limit for EMI. "
EMI intends initially to use the funds to hire additional staff and open offices in strategic locations worldwide. The company also reports plans to make a significant investment in its Web site, www.EliteMeetings.net, with the aim of creating a dynamic one-stop portal for meeting and incentive planners.
Foy states, "The investment from Jones Equity Partners provides us with resources to quickly and effectively deliver cutting-edge solutions to both meeting planners and hoteliers. We look forward to working with our new investment partners, and are especially excited about working with the team at Ascendim."
Based in Santa Barbara, California, Elite Meetings International provides targeted solutions to the upper-echelon group segment of the hospitality industry. Through its annual publication, Elite Meetings magazine; Web site, www.EliteMeetings.net; and semiannual event, the Elite Meetings Alliance, the company connects top meeting and incentive planners with the best hotels and resorts in North America. For more information on Elite Meetings International, please call 805.730.1002. For media kit information, please visit www.elitemeetings.net/mediainfo.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
