Industry Veterans Rick Takach and Mike Cryan Join Forces
Vesta Hospitality Poised to Expand Horizons and Broaden Scope
VANCOUVER, WASHINGTON - April 30, 2013 - Longtime industry veterans Rick Takach and Mike Cryan announced today that they are leveraging their professional relationships, industry expertise and complementary assortment of resources to form an alliance that will allow Vesta Hospitality to broaden its capabilities and identify new opportunities.
Employing what Rick and Mike describe as “the perfect blend of strategy and opportunity” the company will focus on properties in the Upper Midscale to Upper Upscale categories and look to both expand its presence in secondary markets and explore opportunities in the top 25 MSA's, including the suburban and satellite markets surrounding New York, Washington D.C., and Miami.
Mike now serves in the role of Chief Investment Officer for Vesta. He brings with him over three decades of experience in the industry. This includes time spent as Executive Vice President and Chief Financial Officer for ITT Sheraton Corporation; President and Chief Operating Officer of Windsor Capital Group, Inc.; and Co-Founder of Lighthouse Lodging Group.
Rick also has 30 years of experience in the industry. He founded Vesta in 1996 (the company was known as Northwest Hospitality Group at the time) after serving as Regional Manager for the Marriott Corporation in Bethesda, Maryland. Rick also served as worldwide chairman for the IHG Owner's Association (InterContinental Hotels Group) in 2007 and 2008 and remains as chairman of the Past Chairman's Board and Chairman of the Asia Pacific Region.
In its 17 years in business Vesta has owned and/or managed 32 properties. Today, the company manages a portfolio of 12 properties, located in eight states and the province of Alberta, Canada, where it recently assumed management of a 200-room, full-service Best Western in Edmonton.
“I am fortunate to be able to add someone like Mike to the Vesta team,” said Takach. “He brings with him a tremendous track record of success and a set of skills that are complementary to mine. Mike's ability to identify new sources of capital, scout key projects and identify locations for us to expand across the country will be key factors for us as we continue to focus on new growth opportunities and increased profitability.”
Cryan added, “My plan is to add value to this organization by helping to tell our story to a broader audience within the industry and investment community. We want them to better understand how and why Vesta continues to win fans, deliver positive results and also how they can participate in our future successes.”
Founded in 1996 and headquartered in Vancouver, WA, Vesta Hospitality is one of the nation's leading, privately owned hotel management and development firms. With a portfolio of twelve properties across the United States and Canada, Vesta continues to seek out opportunities in key markets across North America. For more information regarding Vesta Hospitality and to discuss possibly partnership opportunities, please contact Rick Takach at (360) 737-0442.