WASHINGTON, Jan. 21 /PRNewswire/ -- CapStar Hotel Company, LLC, a hotel investment company, today announced that it will ramp up its acquisition program and has promoted Gary Klett to VP of Development to head up the initiative.
"Gary has a strong background in finance, due diligence, deal analysis, negotiations and acquisitions," said Paul Whetsell, president of CapStar. "We have been concentrating on renovating, repositioning and asset managing our current three-hotel portfolio, waiting for the operating fundamentals to recover, the credit markets to open, and acquisition activity to pick up. We believe we are transitioning into that phase now, and while it is difficult to pinpoint timing we expect to see more attractive opportunities in the coming months."
In his new role, Klett will be responsible for sourcing, negotiating and closing transactions. "We are focusing on upscale, branded and independent hotels with the potential to operate as a 3.5- to four-star asset, with a particular focus on life-style properties, ranging in size from 150 to 500 rooms," Klett said. "We are looking primarily in the major urban markets in the U.S. and Canada, where barriers to new competition are high."
Klett said that the company particularly is interested in hotels in which it can add value through repositioning, rebranding, enhancing food and beverage concepts or adding a life-style management focus. He said the company will work through its broad network of hotel brokers, management companies, owners, lenders and special servicers to surface transactions.
Previously, Klett was senor director of finance for CapStar. In that role, he created acquisition models, performed due diligence and closed on nearly $100 million in transactions. Prior to that, he was senior financial analyst with MeriStar Hospitality Corporation. Klett holds a Bachelor of Science degree in Commerce from the University of Virginia.
CapStar Hotel Company is a hotel investment firm headquartered in Arlington, Va. The company was founded in 2006 by Paul Whetsell, who has more than 30 years of hospitality acquisition and operations expertise. The company currently owns three properties and is aggressively seeking to add to its portfolio. More information about the company can be found on its website: www.capstar.com.
Jerry Daly or Chris Daly
SOURCE CapStar Hotel Company, LLC