AHDP/Glenmont JV Starts Development of Candlewood Suites Hotels
Ground breaking plans set for this month
MAY 24, 2007. Sarasota-based American Hotel Development Partners, LLC ('AHDP') and affiliates of New York-based real estate investment firm Glenmont Capital Management, LLC announced today the consummation of a joint venture created to pursue the development of extended stay hotels in select markets throughout the Untied States. The joint ventures' first development property, an infill parcel in Columbia, South Carolina, is the site of a five-story, 112-room Candlewood Suites Hotel. Construction of the property is set to commence this month.
'We are thrilled to commence construction at this strategically located property in a rapidly growing area of South Carolina,' said Dr. Alex Giannini, CEO of AHDP.
The site is strategically located next to the Fort Jackson military base and is expected to benefit from the locale's multitude of stable demand drivers including universities, military facilities, hospitals and medical schools.
Larry Kestin, Managing Principal of Glenmont Capital Management, LLC, remarked, 'We believe we have identified a growing segment of the hotel market where we can achieve extraordinary returns for our investors, and we have also ventured with a quality group in AHDP, the principals of which we believe are well positioned to take advantage of the opportunities in the market.'
'The resources of American Hotel Development Partners, LLC provides a significant capital base to fuel continued growth,' remarked Clyde Harris, President of AHDP. Prior to forming AHDP with his partners, Mr. Harris served as an executive within hotel branding giant InterContinental Hotels Group where his role was Director of Brand Development for Candlewood Suites.
'The location of this new Candlewood Suites in Columbia is ideal as the area is rapidly expanding with both residential and commercial growth, providing additional employment and support to the already healthy economic environment,' concluded Mr. Kestin.
The principals of the AHDP/Glenmont joint venture anticipate making additional development announcements in the coming weeks.
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