Officials of Island Hospitality Management, a third-party management company for select-service and upscale, extended-stay hotels in the U.S., added 11 hotels to its portfolio during 2021.
“While 2021 had more than its fair share of ups and downs, Island was able to achieve stronger-than-industry RevPAR as we simultaneously grew our portfolio by almost 20%,” said Gregg Forde, COO/EVP, Island Hospitality Management. “This allowed us to expand our reach into six different states from coast to coast as we added 1,417 rooms. We entered five new markets, including Ashburn, VA; Jacksonville, FL; Lansdale, PA; Woodland Hills, CA.; and Linthicum Heights, MD, as well as enlarged our footprint in Austin and Charlotte, with a mixture of Hilton- and Marriot-branded hotels. This brought three Homewood Suites, two Residence Inns, one Embassy Suites, one Courtyard, one Hilton Garden Inn, one TownePlace Suites [TownePlace Suites Austin Northwest, shown above], one Home2 and one Aloft to our growing portfolio of primarily premium, select-service hotels; upscale, extended-stay properties; and upscale hotels.”
He added, “While we expanded our relationships with existing owners within our portfolio, we also began working with new owners who are keen to capitalize on our proven ability to maximize profitability. To achieve our overall growth goals, we will continue to pursue this multi-track approach. Not only are our longtime partners asking us to grow with them, but new groups have seen our results and want us to do the same for their hotels, which we believe demonstrates the value proposition we bring to the table every time. 2022 already is off to a strong start. Our pipeline remains full, and we expect to maintain our healthy expansion focus.”