Dallas, TX/Woodland Hills, CA May 26, 2004 Younan Properties, Inc. (YPI), one of the nation's fastest growing commercial real estate and hospitality investment firms, has announced the acquisition of Dallas, TX-based hotel management company, Platinum Portfolio, Ltd. As part of the acquisition, Platinum's Founder & Chairman, Peter Bheda, was named President & COO of Younan Hotels Group.
YPI has implemented a strategic business plan to enter into the hospitality market and, with the acquisition of Platinum Portfolio, we have acquired the resources and management expertise to execute our business plan and strengthen our position in the hospitality industry, said Zaya Younan, Chairman & CEO of Younan Properties.
Mr. Bheda's management organization not only brings the proven leadership to oversee Younan Hotels Group, but also possesses the in-depth knowledge in hotel operation and hands-on management skills needed to succeed in this competitive business. We are confident that his company and vast experience will be an integral part of our growth and success in the hospitality industry.
Younan Properties recently launched a new division of its firm, Younan Hotels Group, with the purchase of Holiday Day Inn Select -- a 377-room, full-service hotel located at 2645 LBJ Freeway in Dallas, which had been managed by Platinum Portfolio, Ltd.
According to Mr. Younan, We selected Mr. Bheda to be part of our executive management team due to his significant hospitality experience and his superior operational management skills. He has already demonstrated excellent turn-around abilities and, under his direct leadership, has had an immediate positive impact on the profitability of our first hotel, Holiday Inn Select in Dallas.
Mr. Bheda has more than 30 years experience as a senior executive in the hospitality industry with a track record of producing high yield profits through a disciplined process of revenue and operational management. As the Founder and CEO of Platinum Portfolio, Ltd., he managed individual and multiple hotels both as General Manager and Vice President of Operations. Prior to starting his own company, he was Vice President of Operations and Development for Patriot American Hospitality and Wyndham International. Mr. Bheda's hotel management experience includes managing a portfolio of brands including Hilton Hotels, Sheraton Hotels, Omni Hotels, Radisson Hotels, Embassy Suites, Double Tree Suites, & Inter Continental Hotels abroad.
I decided to merge with YPI due to the company's strong reputation in the market and for their unique ability to turnaround under-performing assets resulting in high yields for their investors, said Mr. Bheda.
The goal of Younan Hotels Group is to acquire a minimum of eight hotel properties by the end of 2004 and a total of 20 hotel properties by the end of 2005. The Hotels Group's business plan targets hotels located in major metropolitan areas in Texas, California, Florida, Chicago, and New York, with international hotels and resorts acquisition to follow shortly thereafter.