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West Palm Beach, FL, United States, 2007/05/22 - ResiTrust announced today the creation of Chelsea Hospitality Group, LLC which will directly own and manage the hotels that are under current ownership as well as new acquisitions in the coming year.
Chelsea has set aggressive goals for the purchase of 3-8 additional midsize hotels by the end of 2007.
Economies of Scale
“This is a great move to maximize value for shareholders” writes Director of Investor Relations, Peter Ferrigan. “The consolidation of properties by type will enable us to take advantage of economies of scale in purchasing supplies for the hotels, construction materials for renovations as well as the staffing needs of this rapidly growing company. With reductions in setup time, initial expenses and construction costs, Chelsea will be able to reach its expected yields for individual properties ahead of schedule.
Building Blocks for Success
“Building blocks for success, now under the same roof.” Asset Manager Brad Rybko calls this move of consolidation a herald of future growth. “Suite Carolina has already proved itself as model example for the types of results that this organization can achieve. I am very excited about the recent acquisitions in Manchester and Pinehurst and the creation of Chelsea Hospitality will serve as a catalyst for future growth.“
Chelsea Hospitality Group LLC is a Florida company operating out of downtown West Palm Beach, FL.
“With the formation of the Hospitality Group we are adding another support system to continue RESITrust’s excellent track record. We have found small profitable niche in the hotel market. Chelsea Hospitality Group allows us to take full advantage of the excellent management already in place” says RESITrust CEO Dan Kiely.
ResiTrust Incorporated is a domestic U.S. real estate fund exclusively for non-U.S. investors. Specializing in commercial retail and multifamily housing, it currently owns and operates properties in Florida, Tennessee and North Carolina.
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