First Hospitality Group Announces JV with Superhost Enterprise
July 13, 2012 - First Hospitality Group, Inc. (FHG) announced today a joint venture with Fort Wayne, Ind.-based hotel owner and developer Superhost Enterprise, to purchase and renovate the Staybridge Suites Chicago-Oakbrook Terrace hotel. First Hospitality Group, Inc. President and COO Robert Habeeb made the announcement.
As a result of this strategic partnership, the hotel will undergo extensive renovations within the next month—including a complete redesign of the lobby, all 112- guest rooms, common areas and the hotel's outdoor space. First Hospitality Group, Inc. will manage the property.
“This partnership made strategic business sense for both companies and resulted in a smooth completion of this deal,” said Habeeb. “As we cautiously measure the impact of the economic climate on the hospitality industry, First Hospitality Group, Inc. remains committed to reviewing partnerships that are profitable and promote our company's growth. Our joint venture with Superhost for this property does just that and we look forward to other joint ventures with Superhost in the future.”
Ash Lakhany, president and COO of Superhost Enterprise stated, “We are excited to partner with First Hospitality Group, Inc. and to acquire the StayBridge Suites in the submarket of Oakbrook Terrace, Ill. We are very bullish on the suburban Chicago markets and plan on acquiring additional assets in these markets in the very near future.”
The Staybridge Suites Chicago-Oakbrook Terrace is conveniently located in Oakbrook Terrace, Ill., which boasts a thriving business community and is home to Oakbook Center, the number one rated shopping destination in the State of Illinois. The all-suite hotel offers guests a memorable experience, featuring a 24-hour fitness center, seasonal outdoor spa and business center, and complimentary Internet and breakfast. For more information about the Staybridge Suites Chicago-Oakbrook Terrace hotel, please visit www.ichotelsgroup.com/staybridge/hotels/us/en/oakbrook-terrace/chiot/hoteldetail.
About First Hospitality Group, Inc.
First Hospitality Group, Inc. is a national, experienced, and established hospitality management, and development company serving the investment and real estate industries. Since 1985, FHG has been an award-winning pioneer in the hospitality industry. FHG has successfully developed, marketed and managed over 16 brands and 50 properties throughout the Midwest. Visit www.fhginc.com.