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Business & Finance

T.R. ENGEL Group, LLC Named Asset Manager for Dual Branded Hiltons in Chicago

BOSTON, MA. May 3, 2017 - T.R. ENGEL Group, LLC, (“TRE”), the Boston-based hospitality advisory, asset management, project management and transactions firm, has been retained by a joint venture between Boston-based Intercontinental Real Estate Corporation (“Intercontinental”) and Chicago based Jupiter Realty Company LLC (“Jupiter”), as asset manager of their dual-branded, 336 rooms and suites Hampton Inn by Hilton / Homewood Suites by Hilton Chicago Downtown West Loop.

In this role, TRE will provide operational asset management services working with Intercontinental and Jupiter and their hotel manager, Hostmark Hospitality Group. TRE currently asset and project manages 13 hotels and resorts—either open or under construction—on behalf of U.S., European and Middle Eastern investors. TRE also currently advises investors owning a portfolio of six (6) European hotels.

“We are proud that Intercontinental and Jupiter have entrusted us and brought us on board as their asset manager,” says Tom Engel, President, T.R. ENGEL Group. “We will work closely with all parties in overseeing each hotel’s performance, and will naturally interface with the management company on an ongoing basis to seek the profitability and increasing asset value of the development.”

According to Thomas R. Taranto, Jr., Intercontinental’s Chief Investment Officer, “With a keen focus on driving financial and operational performance in a specialized asset class such as hotels, it made perfect sense to partner with TRE for this initiative. We value both TRE’s experience in the Chicago market and in its understanding of the targeted customer segments we seek.”

About T.R. Engel Group (TRE)

With offices in the United States and the Middle East, TRE is a hospitality advisory, asset management, project management, and transaction services company. The firm’s experience in operations, development, financial analysis, and brand affiliations provides value and benefit, working closely with owners throughout the pre-development, operations and turnover stages of the hotel lifecycle. As investment advisors, T.R. Engel provides due diligence and buyer and seller know-how for the sale of hotels in North America, Europe and the Middle East. TRE works with a diverse cross-section of investors including government entities, private equity real estate firms, real estate investment trusts and high net-worth family companies. www.trengelgroup.com.

About Intercontinental

Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades-long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively more than $10 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $6 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects.

About Jupiter

Chicago-based Jupiter Realty Company is a privately held, development, investment and management firm since 1985 with its origins in real estate since 1960. Jupiter develops, acquires, finances, renovates, repositions, and sells hotels, mid-rise or high-rise, apartments, residential communities, office buildings, regional or neighborhood shopping centers, free-standing retail stores, industrial buildings, mixed-use properties and land in response to the ebb and flow of market cycles. Jupiter works closely with corporate clients, major tenants, institutions, pension funds, banks, REITs, lenders and other financial partners. Jupiter and its affiliates operate nationally with a special focus on the Midwest.

Contact:
Leora Lanz
Leora@lhlcommunications.com
516-680-8529

Coming Up In The December Online Hotel Business Review




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Feature Focus
Hotel Law: Issues & Events
There is not a single area of a hotel’s operation that isn’t touched by some aspect of the law. Hotels and management companies employ an army of lawyers to advise and, if necessary, litigate issues which arise in the course of conducting their business. These lawyers typically specialize in specific areas of the law – real estate, construction, development, leasing, liability, franchising, food & beverage, human resources, environmental, insurance, taxes and more. In addition, issues and events can occur within the industry that have a major impact on the whole, and can spur further legal activity. One event which is certain to cause repercussions is Marriott International’s acquisition of Starwood Hotels and Resorts Worldwide. This newly combined company is now the largest hotel company in the world, encompassing 30 hotel brands, 5,500 hotels under management, and 1.1 million hotel rooms worldwide. In the hospitality industry, scale is particularly important – the most profitable companies are those with the most rooms in the most locations. As a result, this mega- transaction is likely to provoke an increase in Mergers & Acquisitions industry-wide. Many experts believe other larger hotel companies will now join forces with smaller operators to avoid being outpaced in the market. Companies that had not previously considered consolidation are now more likely to do so. Another legal issue facing the industry is the regulation of alternative lodging companies such as Airbnb and other firms that offer private, short-term rentals. Cities like San Francisco, Los Angeles and Santa Monica are at the forefront of efforts to legalize and control short-term rentals. However, those cities are finding it’s much easier to adopt regulations on short-term rentals than it is to actually enforce them. The December issue of Hotel Business Review will examine these and other critical issues pertaining to hotel law and how some companies are adapting to them.