SPIRE Lane Hospitality , now owned by AWH
RISES Partners for about one year , in May rebranded as Spire Hospitality with plans to aggressively grow its management business . The Northbrook , Illinoisbased firm , which manages 16 hotels , recently moved to new headquarters after separating from long-time owners the Lane family . President and CEO Bill DeForrest says AWH is working on a half-dozen deals that could net 15 to 18 new management contracts .
Most recently , AWH — a privately held real estate
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investment , development and management firm formed by alumni from Blackstone and Related — finalized the acquisition of three more hotels from the Lane family and plans
IF WE ADD
EIGHT TO 10 ASSETS THIS YEAR WE ’ D BE FINE . IF IT IS MORE WE WILL SCALE UP , AS WE WILL BE CAREFUL TO BALANCE GROWTH WITH PERFORMANCE .”
– BILL DEFORREST
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to renovate them for an undisclosed amount . The DoubleTree by Hilton Hotel Annapolis in Maryland , the Hilton Grand Rapids Airport in Michigan and the Courtyard Durham Near Duke University / Downtown in North Carolina , will continue to be managed by Spire .
“ If we add eight to 10 assets this year we ’ d be fine ,” DeForrest says . “ If it is more we will scale up , as we will be careful to balance growth with performance .”
While premium brands will play a major role in the company ’ s expansion , DeForrest sees the independent space as an area to commit more resources , and
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he has hired John Price as the director of independent hotels . In fact , Spire and AWH are redeveloping the Boca Bridge Hotel in Boca Raton , Florida , which is expected to open in late November as an independent affiliated with a major brand such as Marriott ’ s Autograph Collection .
DeForrest explains the new brand name “ signifies the peak of a building or process , and represents best-in-class and performance . Given the success of Lane Hospitality over the last 30 years , leadership felt the name ‘ Spire Hospitality ’ conveyed the right mix of the company ’ s legacy and future ,” he says .
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14 HOTELS July / August 2013 www . hotelsmag . com |