In 2007, Lane's total revenue was more than $120 million, an increase of 20% from 2006. In 2008, the company expects to have "7% to 8% growth over that," he says.
The largest project is the construction of a Crowne Plaza at the intersection of Mayfair and Watertown Plank roads in Wauwatosa, WI, DeForrest says. The estimated coast of the project is more than $30 million, he tells GlobeSt.com. The Crowne Plaza will have 198 rooms and 8,000 sf of flexible meeting space and a restaurant. The hotel is scheduled to open March 31. The Crowne will have an executive floor for women travelers and a floor for corporate executives. Lane Hospitality owns a 25% interest in the project, he says. The hotel is expected to be a prototype for future Crowne hotels, DeForrest tells GlobeSt.com.
An 84-room Hampton Inn is being constructed at the intersection of Route 17 and Forrest Hill Road in Gloucester, VA. The hotel will have meeting space, a fitness center, indoor pool and convenience store. The Hampton is expected to open in May. Lane Hospitality will be the operators of the hotel.
The Hilton Lake Placid Resort on Mirror Lake Drive near the main thoroughfare of Saranac Avenue in Lake Placid, NY is being repositioned into "an upper-scale boutique property," DeForrest says. Lane Hospitality owns 100% of the hotel. The 133-room High Peaks Resort is expected to open as the High Peaks Resort this summer. The cost of the project is "multi-million dollar," he says. The Courtyard by Marriott at the intersection of Beach Boulevard and Highway 49 in Gulfport, MS is being rebuilt after suffering major damage during Hurricane Katrina. The 148-room hotel will open in the spring and will have 6,000 sf of meeting and event space, a 1,000-sf fitness center and a restaurant. Lane Hospitality owns a 50% interest in the hotel, he says.
Hotel Indigo, 450 N. Milwaukee Ave., Vernon Hills, IL is expected to open in April, as previously reported by GlobeSt.com. The hotel is currently operating as an AmeriSuites. The cost of the renovation and conversion is estimated at $4.5 million. An affiliate of Florida Capital Land Corp. based in Lake Mary, FL, owns the 127-room that is managed by Lane Hospitality.
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