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New Ernst & Young Unit to Aid University Hotel Development

NEW YORK CITY-Services will include feasibility and conversion studies, transaction services, project management oversight and well as tax advisory and asset management services.

By John Howe | Updated on February 13, 2001

NEW YORK CITY-A new university hotel development service has been established by Ernst & Young’s hospitality services group to assist schools that are interested in developing on-campus hotels. Recently, the group was retained by the University of Pennsylvania to assist in the development of Sansom Common, a $72-million, 300,000-sf mixed-use complex that includes a 260-room hotel, conference center and a 50,000-sf bookstore. Barnes & Noble operates the campus store, the country’s largest. The development includes public atriums and a variety of retail/entertainment shops and restaurants.

“Today, many universities and colleges are faced with fierce competition for prospective students and tuition dollars,” says M. Chase Burritt, national director of E&Y’s lodging advisory practice. “These same school are pressured to maximize revenues and income while providing their students with a memorable and effective educational experience.” Services offered by the new unit include feasibility and conversion studies, transaction services, project management oversight and well as tax advisory and asset management services.

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