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Real Estate : Equity Real Estate Investment Trusts (REITs) | Small Cap Value
Company profile

Clipper Realty, Inc. is a real estate investment trust, which acquires, owns, manages, operates and repositions multi-family residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. The Company's segments include Commercial and Residential. As of June 30, 2016, it owned two residential/retail rental properties at 50 Murray Street and 53 Park Place in the Tribeca neighborhood of Manhattan, referred to as the Tribeca House properties. As of June 30, 2016, it also owned a residential property complex in the East Flatbush neighborhood of Brooklyn consisting of 59 buildings, referred to as the Flatbush Gardens properties or complex. As of June 30, 2016, it owned two primarily commercial properties in Downtown Brooklyn (one of which included 36 residential apartment units), referred to as the 141 Livingston Street property and the 250 Livingston Street property, and also owned the Aspen property.

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Charlestowne Hotels Inks Monumental Deal with The Thrash Group

10:18 am ET June 1, 2020 (BusinessWire) Print

Charlestowne Hotels, providing full-service hospitality management, today announces a formal agreement with The Thrash Group, a national hospitality development company, to oversee their entire portfolio of hotels. Under this new agreement, Charlestowne will add ten properties to its portfolio - the management company's largest single deal in its 40-year history. Five of the newly added properties are part of Origin Hotel, an independent brand of lifestyle hotels.

"To say this has been a tumultuous year for hospitality would be an understatement. As we approach Charlestowne's 40th anniversary, we're reminded that we have navigated uncertain times before. Our leadership team has never been stronger, and we have been meticulous with our strategic growth plans, this partnership with Thrash included," said Kyle Hughey, COO of Charlestowne Hotels. "We consider our companies well-matched in both operational style and development goals."

The partnership with The Thrash Group adds over 1,200 keys to Charlestowne's portfolio count and expands the management company's national footprint to 50 hotels in over 20 states, including the group's first properties in Kentucky, Colorado and Texas. With proven success in secondary and tertiary cities, Charlestowne Hotels will also help Thrash develop experience-driven independent lifestyle properties in markets such as Morgantown, WV and Tupelo, MS. The Thrash Group has also tapped Charlestowne Hotels to oversee the continued development and expansion of the Origin Hotel brand, which is projected to grow up to 10 hotels in the next four years under Charlestowne's management.

"Each of our hotels, and the teams that support them, have their own personality, culture and guest experience. Charlestowne's work will act as a microphone for these brand attributes," said Walker Thrash, partner of The Thrash Group. "The Charlestowne Hotels team doesn't manage in a box, they hone in on the unique identity of each property to develop operations, marketing and revenue strategies built to mirror each hotel's individual characteristics, while keeping a keen eye on guest experience."

Charlestowne Hotels is known for a dynamic, tailored approach to management, a tactic reflected in the company's already diverse portfolio of hotels and resorts. The management company views this long-term relationship with Thrash as an opportunity to add a range of lifestyle properties, independent concepts and branded hotels to its portfolio. With the Origin Hotel collection specifically, Charlestowne Hotels will directly develop broad strategies and programs that strengthen the growing brand's position as an experience-driven, community-oriented lifestyle collection.

The following set of Thrash Group properties will be immediately added to Charlestowne's portfolio: Origin Red Rocks (CO), Origin Lexington (KY), Origin Raleigh (NC), Origin Westminster (CO), Origin Austin (TX) and Hotel Morgan (WV). The second phase of property additions include Doubletree Ft. Smith (AK), The Admiral Hotel (AL), and Tupelo (MS).

A client-centric management company, Charlestowne will continue to work behind the scenes, providing the Thrash Group with new levels of financial profitability, operational enhancements, and guest satisfaction.

For more information about Charlestowne Hotels' management services, visit CharlestowneHotels.com.

About Charlestowne Hotels

Charlestowne Hotels is a leading full-service hospitality management company known for a dynamic management style that is client-focused rather than process driven. With 40 years of independent hotel management experience, the growing company develops and leads award winning properties across the country. The management company's diversified portfolio covers numerous industry segments, specializing in the collegiate, secondary, adaptive reuse, seasonal and condo markets. The results speak for themselves: Charlestowne Hotels' properties regularly receive top industry accolades and achieve above average RevPAR growth for their markets. For more information visit CharlestowneHotels.com.

About The Thrash Group

The Thrash Group is a multifaceted real estate development company based in Hattiesburg, Mississippi. The company was founded by Ike W. Thrash in 1986, and since its inception has purchased and/or developed in excess of $1.5 billion in commercial real estate. The Thrash Group specializes in the acquisition, development, management and renovation of commercial properties, with a primary focus on multifamily and hospitality projects. The Origin Hotel collection is the company's most recent venture, with properties located in Golden CO, Lexington KY, Raleigh NC, Westminster CO, and Austin TX.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200601005509/en/

SOURCE: Charlestowne Hotels

Casey Galasso
cgalasso@quinn.pr


 

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