Island Hospitality to manage Atlantic City Courtyard

PALM BEACH, Fla., June 4 - Officials of Island Hospitality Management, LLC, one of the nation's largest hotel management companies, today announced that it has been retained to manage the newly opened 206-room Courtyard by Marriott Atlantic City Hotel following an extensive renovation of the property and conversion to the Courtyard brand. The hotel was developed and is owned by Innkeepers USA Trust.

Located at 1212 Pacific Ave., just off the city's famed boardwalk, the Courtyard is Atlantic City's first, upscale non-casino/non-convention hotel to open in more than 25 years. The smoke-free hotel's guestrooms feature large flat-screen televisions, refrigerators and complimentary Internet access. The property's plush lobby features extensive marble and upscale seating, highlighted by a floor-to-ceiling fireplace and crystal chandeliers. The Courtyard offers 1,200 square feet of meeting space capable of handling groups of up to 44 people.

"This is a gorgeous property that has been completely made-over," said Jeff Waldt, Island Hospitality's senior vice president of marketing and sales. "The hotel will appeal to a wide array of guests, including summer beach goers, business travelers, convention attendees, and gamers who want a great guest experience in the heart of the action but without all the hassles associated with the mega-casinos. This is a one-of-a-kind Courtyard that will offer a great upscale experience for both leisure and business travelers.

"We have extensive experience in marketing to and serving multiple guest segments in both urban and resort locations such as this. We have brought in one of our most seasoned general managers, Hugh Chandler, and director of sales, Deneen White, who together bring more than 35 years of hotel expertise to the property."

Additional Management Opportunities

"We believe this phase of the business cycle will create additional opportunities for experienced operators," said Jeffrey H. Fisher, president and CEO. "Currently, we are seeing two types of activity. Investors seek management companies with development and major repositioning expertise like ours. With financing more difficult to obtain, investors want proven operators who can add credibility to help obtain financing for the project. In addition, we find that owners want operators who know how to optimize returns, especially during the current slowdown in the hotel economic cycle. We currently are in negotiations to manage a number of hotels, including properties in development; deep turn-around/repositioning projects, like the Courtyard; as well as hotels that are losing market share and in need of strong management."

Fisher noted that Island Hospitality can act solely as a third-party operator or participate in joint ventures. "We have the financial resources and flexibility to structure transactions that are win-win situations for both parties."

About Island Hospitality

Headquartered in Palm Beach, Fla., Island Hospitality Management, Inc. is a third-party, independent management company. It operates more than 70 hotels under 12 different brands, ranging from select-service to upper-upscale, full-service properties, in 22 states and the District of Columbia. Additional information is available on the company's Web site, www.islandhospitality.com.

Contact: Jerry Daly or Carol McCune/ Daly Gray/ (703) 435-6293/ [email protected]@dalygray.com

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