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Corporex plans $900 million new hotel portfolio
The Cincinnati area-based Corporex Cos. plans to develop a $900 million portfolio of select-service hotels by the end of 2009, the company says.
“We have a desire to be a leading national hotelier,” said Debbie Vicchiarelli, Corporex’s chief marketing officer.
Eight hotels are under construction and nine sites are under contract, reports the Business Chronicle of Cincinnati.
The hotels range in cost from $12 million to $20 million. Brands include Courtyard by Marriott to Hampton Inn. Sites include Mississippi, Florida and Utah.
The company announced plans to build 25 additional hotels to round out their portfolio.
So-called select-service, a broad term that includes midscale, upscale and extended-stay hotels with limited food and beverage service, often have profit margins of 40% to 55%, the newspapers says. That compares to the 25% margin expected from full-service properties, said Matt Dunaj, a hotel investment specialist.
Report by David Wilkening
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