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JRK Hotels Targets Management, Acquisitions

New York City Hotel Market Reports

LOS ANGELES-Locally based JRK Hotel Group has launched an effort to expand its third-party hotel management business along with its ongoing hotel acquisition program. JRK President John Flannigan tells GlobeSt.com that the company, which owns three hotels in California and Tennessee totaling 579 rooms and manages the 194-room Hotel Roger Williams in New York City, is looking for the third-party management business while continuing to acquire hotels in top markets.

JRK would like to take on at least another two third-party hotel management contracts this year and "grow from there by taking on at least another one or two management situations every year," preferably hotel properties with $10 million in minimum revenue, Flannigan says. For its management business, the company is looking in the same top 25 hotel markets where it looks for acquisition opportunities.

JRK entered the third-party management business by taking on management of the Roger Williams for new owner LaSalle Hotel Properties after selling the property to LaSalle. JRK also owns and manages the 70-room Oceana Santa Monica in Santa Monica, CA; the 122-room Oceana Santa Barbara in Santa Barbara, CA and the 287-room Holiday Inn Express in Downtown Nashville.

JRK Hotel Group is a division of JRK Property Holdings, which is an owner and operator of over 42,000 multifamily units and 1,885 self-storage units in addition to its hotel properties. JRK also manages a $203 million private equity fund through its JRK Investors subsidiary and is in the process of raising a new fund.

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