Lane industries Announces New Ownership Structure for Lane Hospitality

NORTHBROOK, Ill., Nov. 4, 2010 /PRNewswire/ -- Phelps Lane, President & CEO of Lane Industries, Inc., has announced the formation of an exciting new partnership with the leadership team of Lane Hospitality as a result of their substantial investment in Lane's hotel ownership and management business.  This transaction – which closed October 29, 2010 – allows Lane to focus its combined talents and energies to ensure a successful future.  

"After 30 years of successfully building Lane Hospitality as a wholly owned subsidiary, we are now excited to partner with our senior management team to pursue future opportunities and achieve our growth objectives," said Lane.  "The continued enhancement of our real estate investments through prudent capital deployment as well as growth in our third party management business is an important focus as we look to an exciting future for our team."

Bill DeForrest, President & CEO of Lane Hospitality, added, "Having known and worked with the Lane family for a significant part of my career, it is a privilege to now be a partner with them and my colleagues at Lane Hospitality. It is rewarding that the individuals who comprise our company's executive committee all chose to enthusiastically complete our acquisition of a significant minority interest in the Lane Hospitality real estate and management platform."

Going forward, both Lane Industries and the company's management team expect to align ownership interests and make future capital investments in the business.  

"Our goal is to create an exciting environment for our associates to continue their outstanding work and provide an excellent experience for our guests while also achieving strong returns for our investors and partners," concluded DeForrest after a week that also included the beginning of his year as Chairman of InterContinental Hotel Group's Owners' Association (IAHI). "This transaction is a great ending to a great week."

Having recently developed an award-winning Crowne Plaza hotel in suburban Milwaukee, and completely redeveloping its Marriott Courtyard in Gulfport and High Peaks Resort in Lake Placid, Lane Hospitality continues to build on its reputation as one of the nation's top management and ownership companies, also offering full service hospitality investment and management.  

About Lane Hospitality

Since its formation by the Lane family in 1986, Lane Hospitality has developed, acquired, repositioned, rebranded and deployed its management programs and processes to create significant value for its own investments as well as numerous institutional investors, regional real estate development companies, and individual owners and investors in hospitality real estate.  

Lane brings decades of hands-on experience gained in good times and bad, and a history of profitable returns and relationships with such leading brands as Hilton, Hyatt, InterContinental Hotels Group (IHG) and Marriott.  The company's strategy remains focused on premium branded select and full service hotels and unique independents in secondary markets that are or have potential to be market leaders.  Regional offices are located in Chicago, Houston and Newport News.  For information, visit www.lanehospitality.com or contact 847-498-6650.

SOURCE Lane Industries