DALLAS, Texas/GERMANTOWN, Tennessee—RREAF Holdings introduced the formation of MxR Hospitality, a strategic partnership with hospitality investor Philip McNeill, Sr. The collaboration goals to develop extended-stay inns nationwide and create a hospitality administration firm devoted solely to the extended-stay phase.
“Our expertise with third-party property administration in our multifamily portfolio confirmed us firsthand the challenges of sustaining high quality and consistency,” mentioned Eric Watts, director of prolonged keep, RREAF Holdings. “We created our in-house property administration agency, RR Residing to handle these challenges, and we noticed related gaps within the extended-stay sector, the place these belongings are sometimes underserved. With MxR Hospitality, our objective is to convey the identical dedication to operational excellence and best-in-class administration to extended-stay inns, each inside our portfolio and throughout the trade.”
Amongst his profession accomplishments, Phillip McNeill, Sr. was one of many first franchise house owners of a Hampton Inn, opening the second location in its historical past in Little Rock, Arkansas, in 1984; and was, at one time, the biggest franchise proprietor of Hampton properties. McNeill, Sr. additionally served as chairman of the Board of Administrators and CEO for the publicly traded Fairness Inns, Inc. actual property funding belief from the corporate’s founding in 1993 to January 2005. He has additionally held the place of non-executive chairman of Fairness Inns, Inc. on the time of its sale in 2007 to an actual property fund of Goldman Sachs for $2.2 billion, with a portfolio of 138 inns.
“Phillip McNeill, Sr. is a trailblazer within the lodge trade, recognized for his funding acumen and perception within the significance of long-term partnerships primarily based on mutual respect and profit,” mentioned Kip Sowden, chairman and CEO, RREAF Holdings. “We see wonderful potential and a robust working mannequin for financial system prolonged keep properties in at present’s market.”
With the extended-stay sector experiencing progress over the previous three years, MxR Hospitality goals to leverage many years of mixed hospitality and possession experience to boost each current financial system extended-stay belongings and people at present underneath improvement.
Backed by RREAF Holdings’ management crew with over 150 years of mixed actual property and improvement expertise, alongside Philip McNeill, Sr.’s success within the hospitality trade, MxR Hospitality brings an understanding of business actual property to the three way partnership.
