ING takes over hotels.ING Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. announced that it has assumed management responsibility for a Courtyard by Marriott Courtyard by Marriott is a brand of hotels owned by Marriott International. They have over 2,800 hotels worldwide, as of June 2007. Courtyard by Marriott is designed for business travelers. hotel portfolio consisting of 116 properties located in 29 states, with a gross value of $1.7 billion. A new unit--the ING Clarion Hospitality Group--has been established to take responsibility for the firm's hotel investments.
Managing director Chuck Lathem, who joined the firm in August, will oversee the new unit which will be responsible for all new acquisitions in the hospitality sector as well as managing the ING Clarion hotel portfolio.
"Improving hotel industry fundamentals, including rising demand and a limited amount of new supply, is creating what we believe to be significant investment opportunities for our clients," stated Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and J. Furnary, chairman and chief executive officer at ING Clarion.
"We are excited about the outlook for the sector and delighted to welcome Chuck and his team to the firm as they help us to expand our hotel investments across the country."
Lathem has 25 years of hotel investment experience and joined ING Clarion from Sarofim Realty realty n. a short form of "real estate." (See: real estate)
REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. where he was responsible for acquiring the portfolio of hotels being transferred to ING Clarion.
In addition to time spent with Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. and with the Teacher Retirement System of Texas, Lathem worked for Marriott Corporation from 1987 to 1992.