Lane to Restructure Ownership for Future Growth
MAY 12, 2007. Lane Hospitality of Northbrook, IL has announced plans to implement a strategic change in its ownership structure in order to facilitate an aggressive growth plan, and at the same time, meet the diversification needs of the Lane family, current owners of the company.
With the plan, Lane Hospitality's senior management team will invest its own capital into the company and lead the process of pursuing a new equity investor.
"The experience of our leadership team, our outstanding associates, our track record of success and our high quality portfolio all position Lane Hospitality for an outstanding future," said Bill DeForrest, President and CEO of Lane Hospitality. "This will allow us to re-capitalize, pursue an aggressive growth strategy, and continue to provide a rewarding experience for guests, associates, partners and owners. We enthusiastically look forward to the opportunities ahead."
Since the Lane family's first lodging investments were made in 1980, Lane Hospitality has grown to its current 24-hotel portfolio and owns and manages for such brands as Hilton, Intercontinental Hotels Group and Marriott. During the past year, the company has considerably strengthened its momentum with several significant acquisitions, repositioning projects, and growing its third-party management portfolio.
Forrest M. Schneider, President and CEO of Lane Industries, commented, "For more than 50 years, the Lane family has invested in numerous operating businesses [including radio stations, banking, office products and security services], and our strategy has been to divest certain holdings after taking into account industry factors, market conditions, and the achievement of family goals.
"Lane Hospitality has been one of our longest held interests," continued Schneider. "Now is the time for Bill DeForrest, his management team and associates to benefit from the strength in the current capital markets and secure an exciting future. I commend Lane Hospitality's management for having created exceptional value for ownership."
According to Lou Plasencia, whose firm has been retained to achieve Lane's re-capitalization objectives, "The enthusiasm in the investment community for hospitality-related real estate, the quality of the existing portfolio, and the management company's exciting growth potential make this an excellent time for Lane to solicit interest from potential partners and capital providers."
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