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ING takes over hotels.

ING Clarion announced that it has assumed management responsibility for a Courtyard by Marriott 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 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 where he was responsible for acquiring the portfolio of hotels being transferred to ING Clarion.

In addition to time spent with Trammell Crow and with the Teacher Retirement System of Texas, Lathem worked for Marriott Corporation from 1987 to 1992.
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Publication:Real Estate Weekly
Date:Dec 13, 2006
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