Portsmouth Square, Inc. Announces Executive Changes
December 30, 2019 at 05:25 pm EST
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Portsmouth Square, Inc. announces effective December 27, 2019, Yvonne Murphy resigned as a director of the company. Effective December 27, 2019, Steven Grunwald was appointed to fill the vacancy arising from Ms. Murphy’s resignation and will serve until his successor is elected and duly qualifies. The Board of the Company has determined that Mr. Grunwald qualifies as an independent director under SEC and Nasdaq Rules. Mr. Grunwald is qualified to serve as a director due to his vast experience in the hotel industry. Mr. Grunwald will be compensated according to the Company’s compensation standards for independent directors. In 2009, Mr. Grunwald became General Manager for The Hotel des Colonies and the Progress Hotel. In 2013, Mr. Grunwald operated the renovations and reopening of an iconic and historical landmark Brussels hotel “The Hotel Siru,” and took over the management for this property. He currently manages the full operations and general management of four hotels of different styles and categories, The Hotel des Colonies, Siru Hotel, Progress Hotel, and Le Chatelain Brussels Hotel. He has participated in many hotel systems integrations such as a new PMS “Property Management System” integration (such as Fidelio, Amadeus, Hotel Concept), and also in new Food & Beverage outlets and management systems (such as ETC, Micros), as well as revenue management platforms & channel managers systems (such as Cubilis, Traveldick), housekeeping & maintenance applications, new GDS “Global distribution System” implementations (such as Synxis, Reconline, Nexus), integrated HACCP programs, guest reviews system (such as Trust You, STR), and other Hotel industry operating tools used worldwide.
Portsmouth Square, Inc. operates in San Francisco hotel industry. The Companyâs primary business is conducted through its general and limited partnership interest in Justice Investors Limited Partnership, a California limited partnership (Justice). Justice, through its subsidiaries Justice Operating Company, LLC and Justice Mezzanine Company, LLC owns and operates a 544-room hotel property located at 750 Kearny Street, San Francisco California, the Hilton San Francisco Financial District (the Hotel) and related facilities, including a five-level underground parking garage. The Company has two segments. Hotel Operations segment operates the Hotel. Investment Transactions segment invests its cash in marketable securities and other investments. In addition, it also invests in income-producing instruments, corporate debt and equity securities, publicly traded investment funds, mortgage-backed securities, securities issued by REITs and other companies which invest primarily in real estate.