|MEMPHIS, Tenn., March 2 , 1999 - Promus Hotel Corporation
(NYSE: PRH) today announced the launch of an innovative training program
to develop a new type of hotel executive -- the Hospitality Leader. This
unique, innovative training initiative, dubbed the "Hospitality Leader
Development Program," will produce revenue-focused executives who will
oversee Promus managed properties.
"We are introducing a new way to develop great hotel leaders, by emphasizing a general manager's critical role in the sales and marketing discipline and overall success of our hotels," said Stevan D. Porter, executive vice president of operations for Promus Hotel Corporation. "This visionary program will enlist driven, talented people and instill in them the lessons of what we see as the keys to a successful hotel -- a focus on financial management coupled with a commitment to overall guest satisfaction."
Promus is working with Thayer Lodging Group, a large real estate operating company and owner of nine Promus managed hotel properties, to develop and implement the program. The first class of Hospitality Leader candidates will be appointed to Thayer owned properties.
Recruiting for the Hospitality Leader Development program will begin this spring. Promus will identify and interview hospitality school graduates as well as qualified internal candidates to select five initial candidates. These participants will progress through a structured five to seven year program, including:
At the program's completion, candidates will become a Promus Hospitality Leader, defined as an executive who creates added value through advanced, top line revenue management, demonstrates well-developed strategic planning skills, and exhibits superior leadership ability.
"Graduates of this program will bring to their property a unique skill set every hotel owner covets," said Lee Pillsbury, president and chief executive officer of Thayer Lodging Group. "These executives will think differently, be great communicators, and achieve measurable results against clearly defined benchmarks. In turn, they will be granted leadership opportunities much sooner than they would have achieved via a conventional career path."
Promus plans to eventually expand the program to additional Promus managed properties owned by other companies. The launch of the program will commence in July.
"We recognize that today's hospitality students are the next generation of hotel industry leaders," said Porter. "This new development program will equip our executives with the comprehensive training and tools needed to be successful, dynamic leaders."
"Changing the philosophy and approach of our hotels' top management positions will naturally have trickle down effects, which will influence all areas of operations, including sales, marketing, human resources, financial control and technology," he added.
Promus Hotel Corporation is one of the world's premier lodging companies, with system-wide annual revenues of approximately $5 billion. The company owns, operates or franchises more than 1,325 hotels with more than 192,000 rooms throughout the United States, Canada, Mexico and Latin America. Promus is the franchisor and operator of the Doubletree Hotels and Guests Suites, Embassy Suites, Homewood Suites, Club Hotels by Doubletree, Hampton Inn, Hampton Inn and Suites, Embassy Vacation Resorts and Hampton Vacation Resorts brands.
Thayer Lodging Group, Inc., based in Annapolis, Maryland is a large, privately held real estate operating company with total assets of over $900 million and 1999 sales in excess of $275 million. Thayer invests in quality hotel properties for its portfolios, seeking to enhance the cash flow and value of such assets through repositioning, renovation and capital investment, rebranding and management improvements of the properties. Thayer's nationwide portfolio includes hotels operating under the Doubletree, Marriott, Embassy Suites, Sheraton, Residence Inn and Fairfield Inn flags.
|Also See:||Norman P. Blake, Jr. Named Chairman, President And CEO at Promus Hotel Corporation / Dec 1998|
|Thayer Hotel Investors Purchase the 1,338-room Marriott Wardman Park; Price in Excess of $200 Million / Jan 1999|