Prestige Hospitality Group Continues Pattern of Growth
Albany, NY, February 26, 2015 – James C. Frenis, CHA, Chief Executive Officer of Prestige Hospitality Group has announced PHG’s 2014 year-end achievement demonstrating substantial revenue growth and geographic expansion.
PHG solidified its Empire State market presence in 2014, adding four new properties to its New York portfolio. The Comfort Inn near Financial District in Manhattan on New York Cit’s Lower East Side and Sixty State Place Meeting and Conference Venue in Albany, broaden PHG’s urban portfolio. Elk Lake Lodge, in North Hudson, and Sunset Bay Vacation Resort, in Mayfield, expand PHG’s portfolio of vacation destination properties.
PHG also expanded its presence westward, with new properties in Michigan and Illinois. The Comfort Inn & Village Conference Center in Chelsea, Michigan is located near Ann Arbor and the University of Michigan. The Sleep Inn, Urbana, Illinois, is located in close proximity to the University of Illinois at Urbana-Champaign, Krannert Center for Performing Arts and other destinations in Champaign County.
“PHG’s goal was to strategically grow its hotel management portfolio by establishing a presence in the Midwest. These new property assignments represent high profile and divers brands across multiple market segments,” said Mr. Frenis.
With these new properties under contract, PHG’s portfolio now includes 18 select and full service hotels in five states, as well as banquet halls and conference centers. Currently, PHG manages more than 1,599 hotel rooms and cumulatively oversees a portfolio grossing more than $52 million dollars annually.
“Building upon our substantial growth in 2014, PHG is well-suited for continued success in 2015,” said Mr. Frenis.
Prestige Hospitality Group owns, develops, and manages hotels and hospitality properties throughout the Northeast, and now the Midwest. PHG provides operational, financial and strategic management services for a mixed portfolio of franchised and independent, full service, select service and limited service hotels.