BentleyForbes Forms BentleyForbes Hospitality Group LLC
New Company Funded to Acquire $750 Million of Five and Four Star Resort and Hotel Properties Moving
LOS ANGELES, CA, February 27, 2006. BentleyForbes, a national commercial real estate investment and operations company, is expanding its investment focus to include resort and hotel assets with the formation of an independent operating affiliate, BentleyForbes Hospitality Group, LLC. In tandem with the launch of the hospitality sector operation, Mr. Chris Pfohl joins the newly formed BentleyForbes Hospitality as executive vice president to oversee its investment program and operations under the oversight of the BentleyForbes executive committee.
"During the past two years, the company has undergone a substantial period of growth," said C. Frederick Wehba II, vice chairman and co-founder of privately held BentleyForbes. "Diversifying our portfolio through the acquisition of luxury resort and hotel properties is the next step in the continued growth of the BentleyForbes brand. Knowing that there are many unique aspects to this specialized asset class, the executive committee chose to form a wholly owned affiliate company to enter the hospitality sector and staff it accordingly with marketplace experts well versed in the nuances of the resort and hotel asset classes."
Mr. Chris Pfohl, a 27-year hospitality industry veteran, joins BentleyForbes Hospitality as executive vice president and will be the company's most senior operations executive. In this capacity, he will report directly to the executive committee of BentleyForbes. Most recently, Mr. Pfohl served as vice president of development for the Western Region of Intercontinental Hotel Group, an international owner and operator of hotel properties.
BentleyForbes Hospitality will employ its own team of analysts and sector specialists as well as having access to the extensive operating strengths of BentleyForbes, including its capital markets experts, legal counsel, significant cash reserves and established relationships in the capital markets and real estate brokerage community.
To streamline this operating interaction, BentleyForbes will also tap the hospitality sector experience and investment knowledge of its Executive Vice President and Chief Financial Officer James M. Kasim. In this capacity, Mr. Kasim will oversee the fiduciary and capital markets programs of BentleyForbes Hospitality and integrate the subsidiary unit into the BentleyForbes operating platform. He will continue to hold the position of Chief Financial Officer of BentleyForbes, with responsibility for the company's overall financial and accounting operations.
"Mr. Kasim developed a deep understanding of both real estate and hospitality sector investment strategies during his tenure with Ernst & Young, prior to joining BentleyForbes," said David W. Cobb, president and CEO of BentleyForbes and a member of its executive committee. "We expect that he will apply his knowledge in guiding the company's new interest in acquiring hotel and resort assets and building an internal expertise in owning and managing these assets. Moving forward, we also expect Mr. Kasim to take a lead role in the formation of a programmatic fund wherein BentleyForbes Hospitality will partner with institutional and private equity investors with a like-minded interest in acquiring and owning top-quality hospitality sector assets. Until that time, BentleyForbes Hospitality will begin immediately pursuing acquisitions as a singular entity."
Prior to joining BentleyForbes, Mr. Kasim most recently held the position of senior manager with the Los Angeles offices of Ernst & Young. During his 10-year tenure with the internationally recognized financial services company, he predominantly served the needs of clients in the real estate and hospitality sectors. He gathered extensive knowledge of financial strategy, capital markets, mergers and acquisitions, investment strategies, due diligence, public offerings, SEC regulations and generally accepted accounting principals.
"I am looking forward to further diversifying the acquisition criteria of BentleyForbes to include hospitality properties as a target asset class," said Kasim. "There has been a significant stabilization of this sector since 2001, and now we are seeing the upward curve of improving market fundamentals in the hospitality sector. This has created a confidence at BentleyForbes to form BentleyForbes Hospitality and begin acquiring resort and hotel assets for a medium- to long-term hold. We will be pursuing signature, trophy, top-of-class properties and 'diamonds in the rough' that are located in the major MSAs and resort destination communities across the nation. These assets will range in value from $40 million to more than $200 million. If the appropriate opportunities present themselves, BentleyForbes Hospitality will consider acquiring properties in markets around the globe."
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