Shaner Forms Partnership with Fund Managed by Rothschild
Up to $200 million of Debt and equity Available for Up to Fifteen new Marriott-branded Hotels
STATE COLLEGE, PA, November 30, 2007. Shaner Hotel Group announced today that it has formed a new partnership with Five Arrows Realty Securities IV, L.P. (Five Arrows) for the primary purpose of developing Marriott hotel franchisees throughout the eastern half of the United States.
The new partnership, Shaner Hotel Holdings Limited Partnership (SHHLP), consists of hotel interests from Shaner Hotel Group (SHG), a private company owned by Lance T. Shaner, and a capital commitment by Five Arrows. The contributed assets are comprised of twelve existing operating hotels from SHG, including a newly-constructed Marriott Courtyard in Jacksonville, Florida and Marriott Courtyard in Mechanicsburg, Pennsylvania. Shaner, together with its affiliates, own and manage 23 hotels, with an aggregate of over 3,500 rooms located in 14 states.
Shaner Hotel Holdings Limited Partnership will invest approximately $200,000,000 of debt and equity for the development and construction of twelve to fifteen new Marriott-branded hotel properties, including Residence Inn, Courtyard by Marriott and Fairfield Inn and Suites. Target geographic markets for these new developments are in the Northeast and Southeast United States. SHHLP currently has five properties in its development platform under construction in northern and central Florida.
Five Arrows is an investment fund managed by New York-based Rothschild Realty Managers LLC, a leading provider of growth capital to public and private real estate companies. As part of the transaction, Pike Aloian and John McGurk, Principals of Five Arrows, will be joining the board of SHHLP. "We are excited about the formation of this new partnership with Shaner," said Pike Aloian of Rothschild Realty. "Shaner has a history of both outstanding development and operational excellence."
Lance T. Shaner, Chairman and CEO of Shaner Hotel Group said, "We are excited about this new partnership with Five Arrows and confident we will be successful in developing quality hotel projects. The formation of Shaner Hotel Holdings Limited Partnership with Five Arrows will provide working capital to build on this foundation, and to apply the management techniques that have enabled many of our properties to win awards for guest satisfaction and profitability within their brand systems," continued Shaner. "We are also proud of our history of playing an active role and giving back to the communities in which we do business."
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 
