Lazer Lodging Appoints Asset Manager, Sheraton College Park
WASHINGTON, DC, March 6, 2007. Lazer Lodging Asset Management(R), a hospitality advisory and asset management firm that was launched mid-2006 by industry veteran Randall Carroll, today announced that is has been appointed by an affiliate of The Carlyle Group ("Carlyle") to serve as asset manager for the 205-room Sheraton College Park Hotel in Beltsville, Maryland. Carlyle is a major global private equity firm with a controlling interest in a venture that recently acquired the Sheraton College Park. Fairfax, Virginia-based, Crescent Hotels & Resorts, a rapidly growing hotel and resort management and ownership company, is the operator of the Sheraton.
The Sheraton College Park Hotel is located at the intersection of Interstate 95 and The Capitol Beltway (I-495) near the main campus of The University of Maryland. The hotel's new owner plans a $4.0 million renovation of the property during the next six months.
"We believe savvy asset management can make a significant contribution to hotel investment value," remarked Mark Schoenfeld, Managing Director at Carlyle Realty in jointly announcing Lazer Lodging's appointment. "The experience of Lazer Lodging combined with the operational expertise of Crescent should enable the Sheraton College Park to achieve its full potential."
"Lazer is pleased to be working with Carlyle and Crescent to optimize the performance of the Sheraton," said Randall Carroll. "The superb location of this property and the strength of its ownership group and management company bode well for its future competitive positioning, especially once the benefits of the initial renovation are realized."
For additional information about the benefits of professional asset management and this project please contact Randall Carroll at 703.288.5216
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