Marshall Management Takes New Name - Marshall Hotels & Resorts, Inc.
Company Relocates to Accommodate Growth, Expanded Services
SALISBURY, MD, February 10, 2009 - A major mid-sized hotel management company today announced it had taken a new name to reflect its growth over the past five years and a broader range of services. Maryland-based Marshall Management is now Marshall Hotels & Resorts, Inc. In addition, the company announced that it has moved to new, larger headquarters in Salisbury, Maryland.
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"We have essentially doubled in size over the past five years and now operate 48 hotels, with a total asset value in excess of $750 million," said Michael Marshall, president and CEO of Marshall Hotels & Resorts. "Our range of hotels now extends from limited-service to four-star branded and independent hotels and resorts. We also have an active development and renovation division, as well as provide a variety of back-of-the-house services, including asset management; accounting; sales, marketing and advertising, insurance programs, consulting; and a host of other services. While a somewhat subtle name change, it better communicates who we are and our role as a major, full-service hotel management and services organization."
"We founded the company based on the idea of providing true hands-on service by a highly experienced senior management team," said Chuck Marshall, chairman of Marshall Hotels & Resorts. "That founding principle hasn't changed in our 29-year-history. We've become more sophisticated and added depth, but our core values remain the same. Our strategy for success also remains the same: providing experienced property-level operators backed by strong strategic direction and support from a seasoned senior management team, who are involved on an on-going basis."
Mike Marshall noted that the company added 15 new contracts in 2008, at a pace that accelerated as the year progressed. "In difficult economic times, owners seek out the most experienced operators who have a proven track record in all phases of the economic cycle," he said. "We have the infrastructure and expertise to not only help owners through these challenging times but to gain market share and optimize profits. Our portfolio of managed properties last year enjoyed a 5.1 percent increase in average RevPAR premium over their respective competitive sets, factoring the longer term accounts and the recently opened properties still in a ramp up period. Our goal is to increase that market share in 2009. Virtually all markets are experiencing difficulties at this time, but we are confident that we have the people, plans and systems in place to optimize results."
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