Generation acquires Staybridge Suites hotel

The Generation Companies LLC (Generation), a Research Triangle Park, North Carolina-based real estate developer, asset manager, owner and operator of extended-stay hotels, recently announced the acquisition of the Staybridge Suites hotel in Round Rock (north Austin), Texas. The hotel will undergo a $1 million renovation of guestrooms and common areas, slated to start soon. Generation tapped Steve Cotton, who boasts a long career in hospitality including Residence Inn and Staybridge Suites, to join the organization as General Manager. "We're excited about the level of service, quality and professionalism Steve brings to this team," said Ron Jacobsen, Generation Vice-President. "We look forward to presenting an updated and attractive extended-stay option to business and vacation travelers in the Austin/Round Rock area."

The 81-room upscale extended-stay hotel offers three suite options (deluxe studio, one-bedroom and two-bedroom/two-bath), with rates ranging from $139 to $239 a night for a 2-bedroom suite. All suites will feature spacious, fully-equipped kitchens; in-room LCD TVs with DVD/CD players; and functional, well-lit work stations with ergonomic seating and free access to high-speed Internet. Unique amenities will include a complimentary guest laundry and workout facilities, deluxe complimentary daily breakfast buffet, swimming pool, a 24-hour convenience store, business services center, and complimentary after-hours drinks and hors d'oeuvres in the lounge. For reservations, call the hotel at 512.733.0942 or visit www.staybridge.com.

"I inherited a great staff which makes this transition very easy for me," said General Manager Steve Cotton. "We're in the people business. Generation's strong philosophy of taking care of its associates and valuing not only their work but also their good ideas has impact down the road because those associates will then deliver that same excellent value to guests."

The Generation Companies is a Research Triangle Park, North Carolina-based real estate developer, asset manager and operator of extended-stay hotels in North Carolina, Virginia, Georgia, Florida, Tennessee and Texas. Generation has more than 2400 hotel rooms and $200 million in real estate assets under management, and employs over 300 associates at 23 properties, with more under construction. Generation is actively seeking new acquisition and development opportunities in the extended stay segment. For more about Generation, visit www.generationcompanies.com.

CONTACT: Ron Jacobsen/ Vice-President/ The Generation Companies/ [email protected]/ 919.361.9000 (ext. 230)

Steve Cotton, General Manager/ Staybridge Suites-Austin/Round Rock/ [email protected]/ 512.733.0942

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