Equis president Jerry Fischer says the firm's strategic growth plan includes a mix of acquisitions and development projects. He says that the company, which focuses on upper-tier extended stay, and full-service properties, has been eyeing the Washington, DC/Baltimore area for future buys.
Most of the company's current development activity is centered in its own backyard. Equis opened a 188-suite Residence Inn by Marriott Downtown in January 2006 and has a number of other projects under development, according to company officials. Located on Jefferson Avenue at Highway 40, the Residence Inn achieved a 2006 occupancy of 72% at $110 per night.
Next month Equis will break ground on the $52-million, 235-room Westin Hotel at the Galleria on Brentwood. Located across from the St. Louis Galleria, the hotel is slated for completion next fall. This spring the company also plans to break ground on a $23-million, 144-suite Homewood Suites by Hilton. Meanwhile, construction has already begun construction on $11.5-million, 104-suite Homewood Suites by Marriott. Situated on 3.9 acres in Maryland Heights, the hotel will open this spring.
Equis officials say there is still opportunity for the firm to grow its St. Louis portfolio. Fischer offers potential Downtown redevelopment projects as an example. The company also is looking at niche opportunity plays throughout the US. Fischer says the firm has its sights set on a number of markets, including Tulsa, OK; Phoenix and the Southwest; and Southern California. The company will continue to work with franchise companies, such as Starwood, Marriott and Hilton, as it also looks to grow its management business.
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