Wedge Real Estate Holdings, Inc. Plans to Expand Its Hotel Industry Investments and Operations
Wedge Real Estate Holdings, Inc., a Houston-based real estate investment company with diversified holdings in hotels, offices and self storage properties, today announced plans for intensified investment and expanded operations in the hotel industry. As a central part of this strategy the company announced the appointment of veteran hotel industry leader Brian Stage as President and CEO of the Wedge Hotels Corporation.
The new strategy and executive appointment were announced by Gregory Armstrong, President of Wedge Real Estate Holdings, to coincide with the Americas Lodging Industry Investment Summit (ALIS) that is taking place this week in San Diego. “As the hotel industry emerges from one of the deepest economic recessions in history, we believe that many exciting opportunities are emerging to grow our portfolio of hotels through new investments and property acquisitions,” Armstrong stated.
“We are particularly pleased to appoint Brian Stage to lead this new strategy. His depth of industry expertise and proven leadership talent create a solid foundation for our plans to significantly grow our hotel investments and overall portfolio in the next three years,” he added. Wedge Hotels Corporation currently operates four properties: Radisson Hotel and Suites, Chelmsford, MA.; Sheraton Suites, Houston, TX.; Wyndham Boston Chelsea Hotel and Marriott Courtyard, Shelton, CT.
“The Company’s financial strength and commitment to grow present an exciting opportunity to expand this business at an opportune time in the economic cycle,” Stage said. “Our goal is to double the size of the current Wedge hotel portfolio in the next two years and triple it by 2013,” he added.
Stage said that he is actively seeking hotel investment opportunities in the northeastern United States and Texas, where the Company already has assets, and that he will seek acquisitions in other parts of the country that enable Wedge Hotels Corporation to develop properties in geographic clusters.
Stage brings extensive hotel industry experience to his new role including several top leadership positions in the brands and functional areas of Carlson Hotels Worldwide. This includes tenure as President of Radisson Hotels & Resorts; Executive Vice President of Sales and Distribution for the five brands of Carlson Hotels Worldwide and Executive Vice President for Marketing and Sales of Radisson.
He also served as Vice President of Sales and Marketing for Inn America Corporation and held various general management and sales leadership positions with Sheraton Corporation. Most recently he served as an executive consultant for Radisson Edwardian Hotels, owner and operator of 13 upscale properties in greater London and Manchester, U.K.