US-based hotel operator Strand Development has announced plans to expand into the Midwest and West Coast of the US within the next three to five years.
Strand Development president John Pharr said the company aims to grow by about 20%-30% annually, with a focus on east of the Mississippi, including the Midwest, Florida and the Gulf Coast, with expansion westward.
Strand, which has brand-building relationships with major hotel companies, including Marriott, Hilton, Starwood, Wyndham, Choice and International Hotel Group, plans to focus on select and full-service hotels and resorts in the 80 to 300-room size.
"We have taken on individual properties as well as portfolios of as many as 25 hotels and have the infrastructure in place to handle both," said Pharr.
The company has taken over 22 real estate-owned (REO) properties in the past three years.
"Based on conversations with lenders, we expect to see a steady increase in REO properties over the next two years," Pharr adds.
Strand has a geographically diversified, 70-hotel portfolio in 12 states, and its managed portfolio focuses on hotels and resorts in the mid-market through upscale range.
Strand has also gained expertise in various levels of the extended-stay market with more than 20 properties in the current portfolio.
The company has extended its management reach beyond its initial location of South Carolina, adding hotels in Virginia, West Virginia, Pennsylvania, Maryland, Georgia, Tennessee, Alabama, Mississippi, Louisiana and Michigan in the past two years.