The move follows the late-June, $1.5-billion acquisition of Innkeepers by New York City-based Apollo Investment Corp. "I couldn't imagine spending the next 50 years on the golf course," Fisher says in a statement. "I concluded that I should continue to do what I know best. The platform that we've built over the past 20 years remains in place, and I plan to utilize the same fantastic team to build a great new hotel legacy."

Island Hospitality Management is a third-party independent management company. It will operate the 79 hotels previously managed by Innkeepers Hospitality and all the hotels acquired and developed by Fisher's other company. He says the management company's in-place team has the capacity to operate anywhere in the US.

Of Fisher Property Group, Fisher says, "we have aligned with a number of institutional investors and have significant capital available to develop and acquire hotels." The focus, he adds in a statement, "will be on extended-stay, particularly the Residence Inn and Homewood Suites brands, and we are looking at the new offerings by Hyatt and Starwood.