Hotel management platform Terrapin Investments has added five hotel contracts to its portfolio of select- and limited-service hotels.
“In these current economic conditions, owners are looking for experienced management teams who understand and can take advantage of market dynamics to help them achieve profitability,” said Tony Sherman, Terrapin's founder and principal. “We are gearing up for an aggressive growth strategy in the next six months and will continue to look to partner with owners who have properties that can benefit from improved management and services.”
In the last three months, Terrapin has added the following properties to its portfolio:
- The 156-room Holiday Inn Express, Plantation, Fla.
- The 122-room Holiday Inn Express, Montrose, Colo.
- The 108-room Comfort Suites, Arlington, Va.
- The 125-room Comfort Suites, Raleigh Durham, N.C.
- The 97-room Candlewood Suites, Athens, Ga.
The five properties are from a portfolio of hotels owned by Boca Raton, Fla.-based Waramaug Hospitality and bring Terrapin’s total number of properties managed to 26 hotels totaling 3,025 rooms.
Terrapin has a target of adding 15-20 new properties to its management portfolio by the end of the year.