Choice Hotels International and Och-Ziff Real Estate Acquisitions Enter Into Hotel Development Joint Venture
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Choice Hotels International and Och-Ziff Real Estate Acquisitions Enter Into Hotel Development Joint Venture
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Category: Worldwide - Industry economy -
New brands / Affiliations
This is a press release selected by our editorial committee and published online for free on 2008-08-07
Companies to Provide Equity to Fuel Development and Growth of Choice's Cambria
Suites, MainStay Suites and Suburban Extended Stay Brands
Worldwide lodging franchisor Choice Hotels International (NYSE: CHH) and affiliate investment funds of Och-Ziff Real Estate Acquisitions LP ("OZRE"), an affiliate of Och-Ziff Capital Management Group LLC (NYSE: OZM), today announced the formation of a joint venture to provide majority equity to developers interested in building Cambria Suites, MainStay Suites and Suburban Extended Stay hotels in the United States, Canada and Mexico.
"We are very excited to be able to offer Cambria Suites and extended stay developers institutional quality investment funds through this alliance with Och-Ziff Real Estate," said Steve Joyce, president and chief executive officer, Choice Hotels International. "This initiative underscores Choice's commitment to finding avenues to maximize the growth of these brands with institutional developers. Choice's continued growth will be enhanced by the success of these high-potential brands."
"Our focus is to work with proven and established partners on promising real estate development projects worldwide, and our joint venture with Choice is very much in line with that strategy," said Steven Orbuch, President of Och-Ziff Real Estate Acquisitions. "Choice is a world-class organization with exceptionally high quality brands. We believe that Cambria Suites, in particular, is poised to be a leader in the upscale, select-service segment. Choice is well positioned to continue to expand and gain market share in the current environment and over the long term, and we look forward to partnering with them to help them achieve their growth objectives."
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