Richfield Hospitality Adds 14th Property Since Launching New Growth Strategy
On Track to Reach Initial Expansion Goals Ahead of Schedule
DENVER, CO - September 30, 2011 - Officials of Richfield Hospitality, a leading hotel management company, today announced that it is on track to more than triple its original size of 20 managed hotels by year's end in 2015. Recently, the company added four management contracts, bringing the total number of hotels in its portfolio to 34.
The properties include the 270-room Crowne Plaza Melbourne Oceanfront Resort and Spa in Fla.; 282-room DoubleTree by Hilton Hotel Dallas-DFW Airport North in Irving, Texas; 190-room Four Points by Sheraton Philadelphia Northeast; and 193-room Crowne Plaza Pittsburgh Airport Hotel in Coraoplis, Penn. The properties will undergo differing renovation and repositioning programs for a combined total of approximately $12 million in additional investment. The DoubleTree by Hilton Dallas-DFW Airport North hotel was recently rebranded, and the Crowne Plaza Pittsburgh Airport Hotel will convert to Starwood's Sheraton brand.
“We expect to accelerate our growth in the coming months, both on the Richfield and Sceptre sides of our business,” said Greg Mount, president, Richfield Hospitality. “We are looking at acquiring other companies to expand our hotel management platform and our marketing capabilities. On the management side, there are a number of smaller companies that started-up at or just after the peak several years ago. Those companies struggled in this deep downturn, and they will need to merge with larger companies like Richfield that have the systems and economies of scale in place. The marketing side is ripe for consolidation, and we expect to be a major player. We see substantial growth domestically, as well as international opportunities, as the world becomes increasingly smaller.”
“These are excellent properties with a considerable upside potential,” said Angela Landgraf, senior vice president of development & management services, Richfield Hospitality. “The Crowne Plaza Melbourne Oceanfront Resort and Spa marks our first oceanfront property in our current portfolio, though we have significant resort expertise within our organization. We look forward to aggressively building our resort portfolio.”
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