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Intercontinental Hotels Group Appoints The Generation Companies to Operate the 59-suite Candlewood Suites-Yorktown, Virginia

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January 30, 2004 - The Generation Companies, LLC, (Generation) a Research Triangle Park, North Carolina real estate developer, asset manager and operator of extended stay hotels, recently assumed the management of Candlewood Suites-Yorktown.  Located at 329 Commonwealth Drive in Yorktown, Virginia, the property was previously managed by Candlewood Hotel Company.  Upon purchase of the Candlewood brand by Intercontinental Hotels Group (IHG), Generation, which manages eight other Candlewoods, was chosen to oversee the mid-price 59-suite hotel.

“We appreciate the opportunity to add value to this property and consider the owners’ decision a vote of confidence in our growing third-party management offering,” said Ron Jacobsen, Generation VP of Operations. “With the addition of this hotel, we now have five third-party managed hotels among the 19 hotels we operate.” 

“Generation Companies’ officers are not just managers, but owners, and as owners, they share the same goals as I do,” explained Rama Gara, shareholder in York Hospitality, one of the owners of the hotel. “These goals–productivity, profitability, efficiency, and value–have been realized in the two-and-half-years that they have managed my other Candlewood property.”

The Candlewood Suites-Yorktown provides a unique amenity package including:  two phones and phone lines using T1 lines, with data ports throughout the suite; high-speed Internet access; an oversized desk and executive chair; a recliner; bulletin board; and fully equipped kitchen, with everything from full refrigerator and dishwasher to stove and complete set of utensils.  All rooms feature a 25-inch television, a VCR, compact disk player, and ironing board and iron.  The Candlewood also boasts a complete exercise room, free access to washers and dryers, 25-cent soft drinks, and free local calls. 

The Generation Companies is a Research Triangle Park, North Carolina based real estate developer, manager and operator of extended stay hotels in North Carolina, Virginia, Kentucky, Tennessee and Florida.  Generation has more than 2300 hotel rooms and $115 million in real estate assets under management, and employs over 275 associates at 19 properties.  Generation is actively seeking new management and acquisition opportunities in the extended stay segment. 


 
Contact:
Ron Jacobsen
Vice President of Operations
The Generation Companies
919.361.9000
www.generationcompanies.com
Also See: Generation Companies Breaks Ground on Eighth Virginia Candlewood Suites / Aug 2003
The Generation Companies Names Jason Liesegang Owner-partner for the Candlewood Suites-Richmond West / January 2004


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