Companies to Provide Equity to Fuel Development and Growth of Choice's Cambria
Suites, MainStay Suites and Suburban Extended Stay Brands
SILVER SPRING, Md. and NEW YORK, Aug. 5 /PRNewswire-FirstCall/ --
Worldwide lodging franchisor Choice Hotels International (NYSE: CHH) and
affiliate investment funds of Och-Ziff Real Estate Acquisitions LP ("OZRE"),
an affiliate of Och-Ziff Capital Management Group LLC (NYSE: OZM), today
announced the formation of a joint venture to provide majority equity to
developers interested in building Cambria Suites, MainStay Suites and Suburban
Extended Stay hotels in the United States, Canada and Mexico.
"We are very excited to be able to offer Cambria Suites and extended stay
developers institutional quality investment funds through this alliance with
Och-Ziff Real Estate," said Steve Joyce, president and chief executive
officer, Choice Hotels International. "This initiative underscores Choice's
commitment to finding avenues to maximize the growth of these brands with
institutional developers. Choice's continued growth will be enhanced by the
success of these high-potential brands."
"Our focus is to work with proven and established partners on promising
real estate development projects worldwide, and our joint venture with Choice
is very much in line with that strategy," said Steven Orbuch, President of
Och-Ziff Real Estate Acquisitions. "Choice is a world-class organization with
exceptionally high quality brands. We believe that Cambria Suites, in
particular, is poised to be a leader in the upscale, select-service segment.
Choice is well positioned to continue to expand and gain market share in the
current environment and over the long term, and we look forward to partnering
with them to help them achieve their growth objectives."
Developers interested in more information about this initiative should
contact Elaine Clancy, vice president, real estate development, Choice Hotels
International, at email@example.com or (301) 634-1909.
About Och-Ziff Real Estate Acquisitions
Och-Ziff Real Estate Acquisitions LP, an affiliate of Och-Ziff Capital
Management Group LLC, through its affiliates, invests in real estate and real
estate related opportunities located primarily in North America. OZRE has a
broad investment mandate and flexible investment strategy that allows it to
select unique and proprietary transactions. OZRE pursues both acquisition and
development opportunities in the major asset classes for real estate including
office, lodging, retail, industrial and multifamily. OZRE also seeks to invest
in certain specialized asset categories including land entitlement and
development, senior housing, medical office and other asset classes. OZRE was
founded by Steven E. Orbuch in partnership with Och-Ziff Capital Management
Group. OZRE additionally benefits from the ability to combine the investment
capabilities of the real estate fund with the expansive network of
relationships and investment expertise of the private equity, distressed debt
and public markets groups at Och-Ziff Capital Management Group, a global
institutional asset management firm with over $33 billion of assets under
management as of July 1, 2008. OZM has offices in New York, London, Hong
Kong, Tokyo Bangalore and Beijing with over 400 employees worldwide.
About Choice Hotels
Choice Hotels International franchises more than 5,700 hotels,
representing more than 460,000 rooms, in the United States and 40 countries
and territories. As of June 30, 2008, 992 hotels are under construction,
awaiting conversion or approved for development in the United States,
representing 80,292 rooms, and an additional 104 hotels, representing 8,824
rooms, are under construction, awaiting conversion or approved for development
in more than 20 countries and territories. The company's Comfort Inn, Comfort
Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban
Extended Stay Hotel, Econo Lodge and Rodeway Inn brands serve guests
Additional corporate information may be found on the Choice Hotels Web
site, which may be accessed at www.choicehotels.com.
Choice Hotels, Choice Hotels International, Comfort Inn, Comfort Suites,
Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban
Extended Stay Hotel, Econo Lodge and Rodeway Inn are proprietary trademarks
and service marks of Choice Hotels International.
SOURCE Choice Hotels International, Inc.
CONTACT: David Peikin, Senior Director, Corporate Communications of
Choice Hotels, +1-301-592-6361, firstname.lastname@example.org;
or Steve Bruce
or Chuck Dohrenwend of The Abernathy MacGregor Group, for Och-Ziff,
/Web site: http://www.choicehotels.com /