Pacrim, Driftwood launch partnership in bid to build $100m in new properties
A partnership between two hotel management companies could see the construction of $100 million in new hotels in Atlantic Canada in the next five years.
The joint venture announced Monday means?Pacrim Hospitality Services Inc.?of Bedford andDriftwood Hospitality Management, LLC?of Miami will target new growth opportunities across Canada, but particularly on the Atlantic coast.
New 100- to 300-room full-service and extended-stay properties are being planned in the Bedford-Sackville area, as well as near Fredericton, Argentia, N.L., St. John?s, N.L., Goose Bay, N.L., and Golden, B.C.
?We have agreements in all of these markets,? Pacrim chief executive officer Glenn Squires said in a telephone interview from New York City, where he is attending the NYU International Hospitality Industry Investment Conference
?We?ve identified partners???to go ahead.?
After that, the companies will look for additional growth in emerging markets in South America and the Middle East, as well as further United States expansion.
Pacrim, for example, recently entered agreements for the development of a 250-roomInterContinental?hotel at Muscat Hill Golf & Country Club and a 110-room luxury seaside resort in Muscat, Oman.
But it was the opportunity to expand to Canada that sealed the deal for Driftwood, said Brian Quinn, the company?s executive vice-president of development.
?We will focus in the Middle East and South America, and in North America as well, but the first few deals that are going to get us off the ground are going to be new-build projects in Canada,? Quinn said from New York City, also attending the conference.
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Source: Remo Zaccaagna (2013). Hotel companies split the bill, Herald Business?http://thechronicleherald.ca/business/1133533-hotel-companies-split-the-bill published Jun 03, 2013. Viewed Jun 04, 2013.