Peabody Group Acquires Management Contract of Holiday Inn, Newton, MA
Will Assist in the Repositioning
NATICK, MA, May 24, 2006. the Peabody Hotel Group (PHG), one of the nation's leading hotel development companies, has been engaged by Bluehawk Investments in conjunction with Normandy Realty Company, to manage the Holiday Inn hotel in Newton, MA, and to assist in the repositioning of the 193-room hotel, which is now expected to undergo significant renovations in the next eighteen months.
The Holiday Inn, Newton was developed by Northeast Motel Corporation, a wholly owned subsidiary of Belz Enterprises, in 1965, and was owned and operated by PHG for many years until it was sold in 1986. Bluehawk Investments and Normandy Realty purchased the Holiday Inn from Fine Hotels Corporation, the latest in three changes of ownership at the hotel, since 1986.
The Peabody Hotel Group has an extensive background in both hotel ownership and management operations, going back over forty years. This acquisition brings a management-only contract back to the PHG portfolio for the first time in years. The PHG Brand Management Division, whose corporate offices are in Natick, Massachusetts, has a number of award-winning hotels in its portfolio and has managed, owned and operated hotels under every major franchise brand. David Shamoian, President of the company's Brand Management Division, was pleased to announce the new management deal. "We are very excited about this as it relates to the continued growth of our company, and brings the Holiday Inn Newton back into our family of brands". Shamoian continued "I believe that the Holiday Inn Newton enjoys one of the best, if not the best hotel location in the suburban Boston market, at the intersection of Rt. 128, - America's High Technology Highway, and I-90, the Mass. Turnpike. We intend to build upon PHG's existing franchising and property management capabilities".
PHG specializes in profitably directing the operations of successful, high profile properties throughout the US and currently has 10 hotels throughout the eastern United States. A subsidiary of Belz Enterprises, a highly successful real estate development and management firm based in Memphis, Tennessee, PHG has captured a position of leadership and respect in the US hospitality industry. In addition to the renowned Peabody-flagged hotels in Orlando, Memphis and Little Rock, the Brand Management Division owns and operates six hotels operating under the flags of Hilton, Hampton Inn, Crowne Plaza and Holiday Inn.
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