Rim and Waterton Acquire Embassy Suites Portland, ME
DECEMBER 20, 2007. The hotel is located adjacent to the expanding Portland International Jetport and within minutes from Downtown Portland's Historic Old Port District. The hotel will retain the Embassy Suites flag and undergo a $4.1 million renovation of all public spaces and guestrooms.
Mark Burden, President & CEO of Rim Hospitality, commented, "We are proud to be partnering with a prominent company like Waterton whose values and goals align nicely with those of Rim Hospitality and we look forward to building a long-term relationship with them."
"The Embassy Suites compliments our growing, value-add hospitality platform" remarked Rich Silverstein, Waterton Commercial Vice President responsible for hospitality acquisitions. "This project reinforces our commitment to own top-tier branded hotels in growing markets and develop strong relationships with proven, high-caliber operating partners. We are confident Rim Hospitality will produce significant accomplishments at the Embassy Suites and will be an important Waterton partner in the future."
According to Mark LeBlanc, Senior Vice President of Development, "With the purchase of the Embassy Suites, Rim Hospitality is on track to exceed its rapid growth goals. The company will continue to concentrate on opportunities to add more Hilton and other major branded hotels to its portfolio in the U.S. and Canada."
Rim Hospitality currently has under contract 51 hotels with both private and institutional ownership. Rim has been in the hospitality industry for over 23 years managing branded and boutique hotels. As a developer, Rim has built over 13 hotels from the ground up and has performed major renovations in countless others. With extensive experience in full-service, select-service, resort and boutique properties, Rim has become a preferred management company for most of the major brands and proudly ranks in the top 50 hotel management companies.
Waterton Associates, an affiliate of Waterton Commercial, was founded in 1995 by David R. Schwartz and Peter M. Vilim. The company acquires multi-family properties, hotels and other commercial property types that can achieve superior returns through re-positioning, renovation and management. Waterton's portfolio currently includes 35 apartment communities, containing more than 16,000 apartment homes, 1 million square feet of industrial buildings and five hotels. The company employs more than 450 people nationwide. Additional information about Waterton is available at www.watertonassociates.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
