DALLAS - Remington Hotels, a dynamic and growing hotel management company, has acquired Chesapeake Hospitality's hotel management expertise, and legacy of excellence. With 65 years of experience helping hotel owners and real estate investors in the eastern United States discover their properties' full potential, Chesapeake joins Remington with a complementary vision and mission.
The acquisition expands Remington's footprint to Midwestern markets, including Pittsburgh, Milwaukee, Detroit, and St. Louis. Additionally, Remington will expand its portfolio of IHG & Independent properties in several locations as well as add its first Wyndham property. Though the two companies will be operating under the Remington Hotels brand, all former Chesapeake hotels will remain under the same management and can expect the same exceptional service.
Chesapeake has a long and storied reputation as a results-driven, culture-forward, high-performance organization with an eye for helping clients achieve their full potential through exceptional guest experiences. Chesapeake was built on a legacy of creating asset value by performing deep turnarounds, re-branding, and re-positioning, which is critical in the competitive, post-pandemic hotel management marketplace. Joining Remington will unlock expanded resources that will take what clients love about Chesapeake and supercharge it, driving hotel success and enhanced profitability. Chris Green, who joined Chesapeake over 22 years ago, will serve as Divisional President of Remington.
'I'm so proud that Chesapeake is joining Remington, a company that is known for its stellar results and has made a real cultural shift in the hotel management space,' said Chris Green, Divisional President of Remington Hotels. 'This partnership will be a practice in blending two companies that have operated in different geographical lanes and have a steadfast commitment to doing what is best for their clients and employees. I'm looking forward to taking the service our clients know and love to the next level as we access the resources Remington has to offer.'
Committed to thoughtful company growth, Remington Hotels has been pursuing an organization with similar standards and strengths with which to partner. Chesapeake and Remington are both defined by their core values as much as their core competencies. With Chesapeake's tagline being 'experience what's possible' and Remington's being 'where passionate people thrive,' the two companies are fully aligned and are both associate-focused, ultimately providing better hotel owner and guest service.
'Though the hospitality space has faced massive challenges over the past few years, Remington has remained steadfast in its commitment to being the best hotel manager in the industry,' said Remington President and CEO Sloan Dean. 'By melding Chesapeake's culture and know-how with ours, we'll be able to cultivate even stronger relationships with our properties' owners by providing them with more resources, better economies of scale, and a more satisfying guest experience.'
With the completion of this transaction, Remington Hotels will have a portfolio of 121 managed properties under contract in 28 states and Washington DC. As a result of the acquisition, Remington's mix of non-affiliated REIT hotels will increase from approximately 20% to approximately 40%. The combined company will be headquartered in Dallas and oversee all day-to-day operations of the entire national portfolio of properties. The same management teams will still be in place to deliver the same level of service owners, and guests expect.
About Remington Hotels
Remington is a dynamic and growing hotel management company providing top-quality service and expertise in property management. Founded in 1968, the hospitality group has grown into a strong, industry-leading service provider and today manages 121 hotels in 28 states across 25 brands, including 19 independent and boutique properties. At Remington, we believe that our people are the ultimate source of our competitive advantage. We are proud of our reputation for consistently delivering outstanding results to owners and investors, as well as to our brands, guests, and associates. As a result of our success, Remington has become the place where passionate people thrive. Visit RemingtonHotels.com to learn more.
Remington is a subsidiary of Ashford Inc. (NYSE American: AINC) ('Ashford'). Certain statements and assumptions in this press release contain or are based upon 'forward-looking' information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about Ashford's and Remington's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When this press release uses the words 'will likely result,' 'may,' 'anticipate,' 'estimate,' 'should,' 'expect,' 'believe,' 'intend,' or similar expressions, Ashford and Remington intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford's and Remington's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, including one or more possible recurrences of COVID-19 case surges that would cause state and local governments to reinstate travel restrictions and the rate of adoption and efficacy of vaccines to prevent COVID-19, on Ashford's and Remington's business and investment strategy; Ashford's ability to maintain compliance with NYSE American LLC continued listing standards; Ashford's ability to regain Form S-3 eligibility; Ashford's and Remington's ability to repay, refinance or restructure their debt and the debt of certain of their respective subsidiaries; anticipated or expected purchases or sales of assets; Ashford's and Remington's projected operating results; completion of any pending transactions; Ashford's and Remington's understanding of their competition; market trends; projected capital expenditures; the impact of technology on Ashford's and Remington's operations and business; general volatility of the capital markets and the market price of Ashford's common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in Ashford's and Remington's industry and the markets in which Ashford and Remington operate, interest rates or the general economy; and the degree and nature of Ashford's and Remington's competition. These and other risk factors are more fully discussed in Ashford's filings with the Securities and Exchange Commission.
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