"These tough economic times will cause all hotel owners to re-evaluate the performance of their management companies," Chester Reed, president of Presidian, said in a press release. "Many will find, as did we, that their current management companies are not looking out for their best interests."
Presidian was formed by H. Drake Leddy to manage hotels in which he had an ownership interest, but felt had been poorly managed. The company says its DoubleTree Club hotel in Austin received an award from Hilton Hotels in 2000 for its RevPAR growth.
Presidian also develops lodges at nature parks in Texas. A company affiliated with Leddy recently purchased a site at the 28-acre Braker Pointe mixed-use development in northwest Austin for a 230-room Hilton Suites hotel.
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