MEDIA RELEASE - 2008.03.31
Crittenden Hotel Lodging News
March 31, 2008
Pushing Through The Pipeline
It may have gotten harder for some hoteliers to get their projects done considering the turmoil in the financial markets, but for others it’s business as usual. LTD Management, unfazed by the credit crunch, plans five alofts along with seven other hotels. Firms like LTD Management and JBG Cos. get their projects done by relying on long-standing lender relationships. LTD’s 25 years of industry experience comes in handy as the company seeks to take advantage of a slumping real estate market.
Look for LTD Management to develop a 155-room aloft hotel in Bolingbrook, a suburb southwest of Chicago. LTD also will build four other alofts in Maryland, Richmond, VA, and the first aloft in Chesapeake, Va. LTD partners with Forest City Developers to build the hotel in The Promenade, an open-air town center. VP of Marketing Kimberly Schlick hopes to break ground on the project in the next 45 days, with cost of development estimated at $25M. Schlick expects a $130 ADR and a 66% occupancy rate when the hotel opens in summer 2009. The 110-acre Promenade will include more than one million s.f. of shopping, dining and entertainment space as well as 42,000 s.f. of office space. LTD is bullish on Bolingbrook, one of the fastest-growing suburbs of Chicago, and has roped in tenants such as Macy’s, Barnes and Noble and Basspro sporting store. Other than the five alofts, LTD’s pipeline includes seven other hotels, so look for more details on projects in the next few months.
















