Insignia/ESG acquires hospitality broker Hotel Partners.Insignia Financial Group, Inc. (IFS: NYSE NYSE See: New York Stock Exchange ) has announced that its commercial real estate services subsidiary, Insignia/ESG, Inc., has acquired Hotel Partners, a leading brokerage firm focused exclusively on the hospitality segment of the real estate industry. The price of the acquisition was not disclosed. Hotel Partners, which sells more hotel properties annually than any other brokerage firm, will operate within Insignia/ESG's Capital Advisors Group, which focuses on investment sales and debt placement internationally. Hotel Partners' three principals, Bill Gudenau, chairman, Paul Jones Paul Jones can refer to:
"We are elated e·lat·ed adj. Exultantly proud and joyful. e·lat  ed·ly adv.e·lat by Hotel Partners' decision to join our company," said Stephen B. Siegel, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Insignia/ESG. "The hospitality segment was a missing component in our worldwide offering of sales and financing services. Now we've filled that void with the best firm in the business, and instantly become a leading player within the hospitality segment, not only in the U.S., but internationally as well." Hotel Partners, founded in 1990, was responsible for the sale of 115 hotel, motel and resort properties during 1997. The second most-active firm produced approximately half as many transactions. The firm covers the full gamut See color gamut. gamut - The gamut of a monitor is the set of colours it can display. There are some colours which can't be made up of a mixture of red, green and blue phosphor emissions and so can't be displayed by any monitor. of hospitality real estate, having consummated sales transactions in 1997 ranging from the six-property Medallion portfolio in Texas, Oklahoma and Kentucky, which was purchased by CapStar Hotel Company for $150 million, to a former Holiday Inn in Plattsburg, NY, which sold for $650,000. High-profile properties sold by Hotel Partners last year include the Marriott Seaview Resort in Galloway, NJ; the Crowne Plaza This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded ; and the Sheraton Burlington (Vermont) Hotel & Conference Center. "We were attracted to Hotel Partners by their broad coverage of the hospitality industry and their emphasis on international expansion, which coincides precisely with our own plans," said Kevin F. Haggarty, executive managing director of Insignia/ESG Capital Advisors. "They are able to capture opportunities which firms that are focused on only one segment of the hotel industry often overlook. Plus, diversity of product keeps their book of business constantly full through all stages of the market cycle. We could not ask for a better complement to our current focus on major office, industrial, multi-family and retail properties." Hotel Partners' decision to join forces with Insignia represents the first consolidation within the service side of the hospitality industry, which has seen hotel companies swept up in merger-and-acquisition activity. "Our merger with Insignia breaks new ground and, we believe, ups the ante for real estate service providers in the hospitality industry," said Gudenau. "We are joining a company with strong institutional ties and one that is committed to setting a new standard of excellence in real estate services. We could not be more excited about our prospects." Hotel Partners, based in Chicago, has seven additional full-service offices in the U.S.: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Dallas, Miami, Atlanta, Honolulu and Boston. In overseas markets, Hotel Partners has operations in London, Frankfurt, Tokyo, Singapore and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . Its international reach dovetails with Insignia's plans to provide commercial real estate services on a global basis. The company acquired Richard Ellis There are several prominent people named Richard Ellis, including
Hotel Partners is well known for its far-ranging expertise within the hospitality industry. The company is the organizer of the UCLA UCLA University of California at Los Angeles UCLA University Center for Learning Assistance (Illinois State University) UCLA University of Carrollton, TX and Lower Addison, TX Hotel & Investment Conference, the industry's premier real estate conference, and together with UCLA, launched a Latin American and Caribbean investment forum two years ago. This year, Hotel Partners inaugurated the first European hotel investment forum, held in Berlin, in partnership with Hotel & Motel Management magazine. The company employs approximately 70 people, including 29 brokers, on a worldwide basis. In 1997, Hotel Partners sold nearly $1 billion of hotel, motel and resort properties, and so far this year has engagements to sell and finance hotel properties, as well as to create hotel companies, in more than 20 countries. |
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