Associated Ventures Expands Focus
Real estate development and investment group says secondary and tertiary markets are ripe for reposi
LOS ANGELES, CA, March 25, 2008. Associated Ventures LLC, an international real estate development and investment firm, based here, announces that it is expanding its development focus in the limited-service, extended-stay hotel segment. The development group is looking for approximately 15 limited-service conversion or new construction projects in secondary and tertiary U.S. markets this year.
"We have expanded our strategy to reflect the convergence of several factors," said Melanie Pennell-Mayer, Managing Member of Associated Ventures LLC. "First, while global economic growth continues to fuel the need for travel to secondary and tertiary markets, the economic slow down in the U.S. drives corporations both large and small to reevaluate their travel budgets in search of value-driven accommodations.
"Second, because land and development costs are lower in these secondary and tertiary markets, our company sees an opportunity to develop and operate these hotels in an economically advantageous environment," she added. "Solid value, high demand from multiple market segments, and a developer-friendly market place has generated this strategy."
Presently the company has identified sites in Biloxi, Miss., Tucson, Ariz., and Southern California that are being evaluated for development.
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