HOUSTON — Terrapin Investments has added five hotel management contracts to its expanding 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, founder and principal, Terrapin Investments. “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 in Plantation, Fla.; the 122-room Holiday Inn Express in Montrose, Colo.; the 108-room Comfort Suites in Arlington, Va.; the 125-room Comfort Suites Raleigh Durham, N.C.; and the 97-room Candlewood Suites in Athens, Ga.
The five properties are from a portfolio of hotels owned by Boca Raton, Fla.-based Waramaug Hospitality, bringing Terrapin’s total number of managed properties to 26 hotels totaling 3,025 rooms.
For the remainder of 2020, Terrapin Investments is aiming to add 15-20 new properties to its management portfolio.