Remington Hotels Acquires Chesapeake Hospitality — LODGING

Remington Hotels Acquires Chesapeake Hospitality — LODGING

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DALLAS—Remington Resorts has acquired Chesapeake Hospitality’s lodge administration experience. With 65 yrs of experience helping lodge owners and serious estate traders in the jap United States, Chesapeake joins Remington with a complementary vision and mission.

The acquisition expands Remington’s footprint to Midwestern marketplaces, which include Pittsburgh, Milwaukee, Detroit, and St. Louis. On top of that, Remington will extend its portfolio of IHG and impartial properties in various destinations as perfectly as add its first Wyndham assets. Nevertheless the two companies will be working less than the Remington Inns model, all previous Chesapeake resorts will continue being less than the same management and can hope the very same exceptional support.

Chesapeake is a benefits-driven and society-ahead business. Chesapeake was created on making asset value by executing turnarounds, re-branding, and re-positioning, which is crucial in the submit-pandemic lodge administration market. Becoming a member of Remington will give sources that will get what purchasers enjoy about Chesapeake and push resort accomplishment and profitability. Chris Inexperienced, who joined Chesapeake over 22 years ago, will provide as divisional president of Remington.

“I’m so proud that Chesapeake is joining Remington, a company that is recognized for its stellar effects and has manufactured a real cultural change in the hotel administration area,” said Eco-friendly. “This partnership will be a observe in blending two businesses that have operated in various geographical lanes and have a steadfast motivation to accomplishing what is most effective for their clientele and workforce. I’m on the lookout ahead to using the service our shoppers know and like to the up coming amount as we entry the means Remington has to give.”

Remington Inns has been pursuing an organization with related specifications and strengths with which to associate. Chesapeake and Remington are both of those outlined by their main values as considerably as their core competencies. With Chesapeake’s tagline staying “experience what is possible” and Remington’s getting “where passionate people thrive,” the two firms are aligned and are both equally associate-concentrated, supplying better resort proprietors and visitor company.

“Though the hospitality area has confronted substantial problems around the past handful of several years, Remington has remained steadfast in its dedication to becoming the best lodge supervisor in the field,” explained Remington President and CEO Sloan Dean. “By melding Chesapeake’s culture and know-how with ours, we’ll be capable to cultivate even more powerful associations with our properties’ homeowners by supplying them with additional methods, greater economies of scale, and a far more fulfilling visitor encounter.”

With the completion of this transaction, Remington Accommodations will have a portfolio of 121 managed homes underneath deal in 28 states and Washington D.C. As a outcome of the acquisition, Remington’s mix of non-affiliated REIT resorts will increase from somewhere around 20 per cent to about 40 p.c. The mixed company will be headquartered in Dallas and oversee all working day-to-working day functions of the whole countrywide portfolio of qualities. The similar administration groups will even now be in location to deliver the similar stage of assistance proprietors, and company count on.

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