30 May Landmark starts stand-alone hotel brokerage
Landmark Commercial Real Estate is scrapping its hospitality division in favor of a stand-alone entity.
Jim Korroch, who started Landmark’s hospitality division, is partnering with Brad Saville, the company’s president and CEO, on a new venture called Landmark Hotel Advisors LLC. It will be housed in the Landmark building at 156 N. Emporia.
Korroch says the new business is a regional hotel brokerage whose services include consulting, purchases, sales and property valuations.
“The hotel market is very complicated,” he says, noting an average transaction can take around nine months to complete.
The process is compounded, he says, because many transactions involve hotel franchisors connected to national brands.
Landmark Hotel Advisors is working with Leisure Real Estate Advisors LLC in the Kansas City area to assist with marketing.
“We’re able to access all their clients and marketing platforms,” Korroch says.
An influx of hotel transactions have taken place in the Wichita area in recent years, a trend Korroch says will increase in the years ahead.
Developers are adding an influx of new hotels to the market, but Korroch says some hotel owners have a five-to-seven-year holding period of new properties before they try to sell.
It’s about that time that hotel brands want their facilities refreshed. Korroch says hotel owners will occasionally sell around that point and leave those renovations to a new owner.
“Those numbers and the cost of that is getting higher to do,” he says.
Korroch has been in the hotel industry since 1990, working in various management, sales and operations capacities along the way. He spent five years with Summerfield Hotel Corp., which is now Lodgeworks, before teaming with hotelier Jack DeBoer to co-found Candlewood Suites Hotel Co. Korroch also founded A.G. Hospitality Services LLC.
He started with Landmark in 2015, helping that company move further into hotel work.
Article found @ https://www.bizjournals.com/wichita/news/2018/05/30/landmark-starts-stand-alone-hotel-brokerage.html?ana=twt
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