Chicago-based Murphy Asset Management, a sister company to Murphy Development Group, has reported “the most notable year of growth” since the company launched in 2013.
Managing Partner Steve Steinberg said the company provides “a significant [return on investment]” to its clients. “Our proven ability to enhance topline performance and identify and implement expense efficiencies has resulted in improved [revenue per available room] and profitability for the assets we manage,” he said in a statement. “We knew this was going to be a big growth year and we strategically grew our team to meet the demand. By the end of 2022, we had doubled the size of our team.”
In 2022, Murphy Asset Management added 10 new hotels with 2,459 guestrooms to its portfolio. The properties represent a range of segments, including focused service, dual branded, full service, soft branded and luxury. The addition of these assets also provides a stronger presence in the Midwest, Southeast and Mid-Atlantic markets. The group also added staff to the West Coast.
"As the capital markets have proven to be less predictable, Steve and his team continue to successfully grow both their client and portfolio base through data-driven support analytics and strong asset management strategies," Chairman John Murphy said.
The company expects that as capital markets begin to improve, demand for hotel asset management, development services and strategic repositioning projects are likely to increase.