James N. Chatham II, Ameri-First president, has signed buyout deals for Hampton Securities' offices in Los Angeles and Palm Beach, Market Trend Securities in Long Island, NY and Ramada Hotels in Burlington and Davenport, IA and Rolla, MO. He told GlobeSt.com that a take-over pact is pending for a securities firm in Scottsdale, AZ. The securities deals will be finalized by year's end.
"The beautiful thins is the hotels' incredible asset base has a cash flow that enables the financial purchases," he told GlobeSt.com as he was en route to Toronto to possibly negotiate yet-another takeover.
Chatham and his partner CEO Jeffrey Bruteyn have been actively beefing up their hotel portfolio for the past 1 1/2 years since they decided to team on Ameri-First. Chatham says the three Ramadas have added another $22 million to Ameri-First's bottom line. The securities' buyouts will increase Ameri-First's assets under management to $250 million, according to Chatham. The employee base means 85 to 100 new brokers for the Dallas-based operation, which presently has 50 brokers in its hierarchy.
It is intended that all other locations will be operated as offices of supervisory jurisdiction. Bruteyn says "these additional locations move Ameri-First Securities from a regional status to a national provider of financial services.
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