The "back of the house" operations include accounting, property-level strategic marketing planning, analysis of operating results and making periodic property visitation/reviews. The consulting services for pre-opening activities include planning and marketing, as well as assist in training and hiring. The company currently is underway in a search to find the key property-level executives for three hotels.
"We are accelerating our hotel development in New York City," says John Lam, chairman and CEO of the Lam Group. "As a result, we realized that we needed additional hotel management expertise to back us up in the administrative area.
Rick Day, SVP of sales and marketing at Marshall, tells GlobeSt.com that there is not a time limit on the company's agreement, adding that they anticipate a long and prosperous relationship with the Lam Group. The agreement initially covers two hotels currently under construction by the Lam Group. The hotels include a mid-rise, 150-room Four Points by Sheraton in Soho, which is expected to open in the fourth quarter and a mid-rise, 150-room Fairfield by Marriott in Long Island City, which is expected to open by year's end. For Lam Generation, Marshall will operate a mid-rise, 160-room Hampton Inn in Soho. The hotel is expected to open in October.
"We reviewed a number of management companies and chose Marshall Management because of their depth of experience in mid-market hotels in urban markets, expertise in pre-opening support and proprietary management systems," Lam says. "We will continue to manage the 'front-of-the-house' activities, but believe we will now be a much stronger operator with this additional support. Should we sell any of these hotels, it is our intent to continue to operate them under long-term management agreements."
Mike Marshall, CEO of Marshall Management, says "both development companies have well-established reputations, having built approximately 20 hotels, primarily in New York, in the past eight years," he says. "Our firm brings an experienced team and the infrastructure to comfortably provide these specialized services, as well as take on other consulting assignments for these two companies."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
