OAKLAND, CA—Hotel management company, PM Hospitality Strategies has added another West Coast property to its management portfolio. The Washington, DC-based company will now manage the132-key Homewood Suites by Hilton Oakland Waterfront.
“Our management team has extensive experience operating and developing properties on the West Coast,” said Joseph Bojanowski, PMHS president. “This new contract marks a major new commitment for PMHS to expand our West Coast managed portfolio. This hotel also brings another new institutional investor to our portfolio, a key component of our growth. We now represent seven institutional investors and seek to add several more by year-end.”
This contract will be the fourth hotel PMHS operates on the West Coast and the fifth Homewood-branded hotel.
“This is our third new management contract this year and we are on target to meet or exceed our goal of adding five to 10 hotels in 2013,” Bojanowski said. “Occupancy has recovered significantly and there is tremendous opportunity to maximize room rate. We have implemented a number of highly successful marketing programs across our portfolio and have enjoyed double-digit room rate growth, well above the industry average in the past 12 months.”
PMHS will oversee a “modest refresh” of the property, a few upgrades and will work to increase the daily average room rate.