Industry experts speculate that Central Parking is offering William H. Bodenhamer Jr., USA Parking's founding president, a combination of its publicly traded stock, cash and executive incentives. The price could be based on a negotiated percentage of the $70 million a year in estimated gross revenue that USA Parking produces each year.
The Fort Lauderdale company currently leases or owns 62 sites with 46,000 parking spaces in partnership mostly with hospitality-related companies in the counties of Broward, Miami-Dade and Palm Beach, in addition to the territorial commonwealth of Puerto Rico.
Trade publications estimate the average surface parking lot covers at last one acre or 43,560 sf. That would give USA Parking a portfolio of at least 62 acres covering 2.7 million sf or 59 sf per parking space.
In Fort Lauderdale, for instance, USA Parking operates a 124,102-sf parking garage in partnership with MeriStar Hospitality Corp. Other clients include Ritz-Carlton, St. Regis, Hyatt and Marriott hotels and resorts.
When the transaction closes within 30 days, Bodenhamer and his management team will operate USA Parking as a wholly owned subsidiary of Central Parking.
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