ExecuStay

Last updated
ExecuStay
Founded1987
Products Extended stay hotels
Website http://www.execustay.com/

ExecuStay is a provider of temporary, furnished, corporate relocation and insurance housing for stays of 30 days or longer, located in 45 regions in the United States and maintaining over 6,000 temporary homes.

Contents

History

ExecuStay was founded in 1987 and was one of the first corporate housing providers to offer its stock for sale to the public in August 1997. ExecuStay Corporation was purchased by Marriott International in 1999, and was renamed ExecuStay by Marriott. [1] In March 2002, the name was changed to Marriott ExecuStay.

Between 1999 and 2002, the annual revenue of ExecuStay increased from $1 million to more than $50 million in less than 3 years. In less than two years, the division’s available apartments increased from 180 to 800 units. [2] The geographic coverage of ExecuStay also expanded into nearby Connecticut, New Jersey, Westchester, and Long Island, in a time when the concept of corporate housing was considered a feature of Manhattan's real estate market. [3] [4]

In April 2012, Marriott sold ExecuStay to Oakwood Worldwide Corporate housing. [5]

Related Research Articles

<span class="mw-page-title-main">Housing cooperative</span> Type of housing development that emphasizes self-governance and quasi-communal living

A housing cooperative, or housing co-op, is a legal entity, usually a cooperative or a corporation, which owns real estate, consisting of one or more residential buildings; it is one type of housing tenure. Typically housing cooperatives are owned by shareholders but in some cases they can be owned by a non-profit organization. They are a distinctive form of home ownership that have many characteristics that differ from other residential arrangements such as single family home ownership, condominiums and renting.

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. As of June 2023, the company's total assets under management were approximately US$1 trillion, making it the largest alternative investment firm globally.

<span class="mw-page-title-main">Mesirow Financial</span> American financial services company

Mesirow is a privately held financial services company based in Chicago, Illinois. The firm is employee-owned and 100% of voting shares are held by employees. Mesirow provides investment management, capital markets, wealth management and investment banking services.

<span class="mw-page-title-main">Forest City Realty Trust</span> Real estate management and development company

Forest City Realty Trust, Inc., formerly Forest City Enterprises, was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.

David Lichtenstein is an American billionaire, entrepreneur, and real estate investor. He is the founder and CEO of The Lightstone Group, which he founded in 1988.

<span class="mw-page-title-main">Apartment hotel</span> Type of serviced apartment complex

An apartment hotel or aparthotel is a serviced apartment complex that uses a hotel-style booking system. It is similar to renting an apartment, but with no fixed contracts and occupants can "check out" whenever they wish, subject to the applicable minimum length of stay imposed by the company.

<span class="mw-page-title-main">Atria Management Company</span>

Atria Management Company, LLC (AMC) is a subsidiary of Atria Senior Living, Inc. (ASL). Along with another subsidiary of ASL, Atria Management Company manages independent living, assisted living, supportive living, and memory care communities in more than 344 locations in 44 states. In Canada, ASL subsidiary Atria Management Canada, ULC manages 29 Atria Retirement communities in seven Canadian provinces. Collectively, Atria communities are the residence of choice for approximately 40,000 senior adults and the company employs more than 14,000 staff. Atria is based in Louisville, Kentucky.

Rent regulation in New York is a means of limiting the amount of rent charged on dwellings. Rent control and rent stabilization are two programs used in parts of New York state. In addition to controlling rent, the system also prescribes rights and obligations for tenants and landlords.

<span class="mw-page-title-main">Corporate housing</span>

Corporate housing is a term in the relocation industry that implies renting a furnished apartment, condo, or home on a temporary basis to individuals, military personnel, intern groups, or corporations as an alternative to a traditional hotel or an extended hotel stay. According to Corporate Housing Providers Association (CHPA), the industry's trade organization, corporate housing revenue was $10 billion in 2019 and $2.47 in 2010. The corporate housing industry has been a significant growth segment of the lodging industry for the past 20 years. As of 2015, the revenue generated by the industry reached $2.93 billion in the US, after a 7% increase over 2014, with an average stay of 84 nights.

<span class="mw-page-title-main">800 Westchester Avenue</span> Corporate Offices in Rye Brook, New York

The 800 Westchester Avenue complex is a postmodern Class A office building located in Rye Brook, New York. It was designed by the architectural firm of Kevin Roche John Dinkeloo and Associates, LLC to serve as the corporate headquarters for General Foods.

Insignia Financial Group was a company that invested in apartments that were financially distressed, with the goal of increasing value via recapitalization. It was founded and controlled by billionaire Andrew L. Farkas and was headquartered in Greenville, South Carolina. It was the largest manager of apartments, controlling 300,000 apartment units at its peak. The company was sold in two tranches in 1999 and 2003.

<span class="mw-page-title-main">Colliers (company)</span> Real estate investment firm

Colliers International Group Inc. is a Canada-based diversified professional services and investment management company with approximately 18,000 employees in more than 400 offices in 65 countries.

<span class="mw-page-title-main">1049 Fifth Avenue</span> Residential skyscraper in Manhattan, New York

1049 Fifth Avenue is a 23-floor luxury condominium apartment building located in the Upper East Side, New York City. Built in 1928 as the Adams Hotel, the building underwent extensive renovation in its conversion to residential condominiums during the years 1990-1993. When the apartments were first offered for sale in 1991, they were the highest-priced residential apartments ever listed in New York City. Their sale prices set city records in 1993 and 1994.

<span class="mw-page-title-main">Aon Hewitt</span> American consulting company

Aon Hewitt was a provider of human capital and management consulting services headquartered in Lincolnshire, Illinois in the United States. From 500 offices in 120 countries, it provided consulting, outsourcing, and reinsurance brokerage services. The "Aon Hewitt" brand and legal entities have now been absorbed into the "Aon" business, leaving obsolete the names "Hewitt" and "Aon Hewitt."

CoStar Group, Inc. is a Washington, DC-based provider of information, analytics, and marketing services to the commercial property industry in the United States, Canada, the United Kingdom, France, Germany, and Spain. Founded in 1987 by Andrew C. Florance, the company has grown to include the online database CoStar and many online marketplaces, including Apartments.com, LoopNet, Lands of America, and BizBuySell.

RXR Realty is a real estate and infrastructure owner, investor, operator, and developer headquartered in New York. Many of RXR's holdings are located in New York City, but the firm owns buildings and development sites across the United States. RXR is a private company, and is led by Scott Rechler as CEO. Rechler serves on the Board of Directors for the Federal Reserve Bank of New York, was formerly appointed by New York Governor Andrew Cuomo as vice chairman of the board of commissioners of the Port Authority of New York and New Jersey, and also served as a member of the board of the New York Metropolitan Transportation Authority and as chair of the Regional Plan Association.

The Republic of Panama's real estate industry relies on foreign investment. The sector has grown since 2006, as such investment has helped to fuel Panama's economy and housing market.

Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops, minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, buildings or housing in general. In terms of law, real relates to land property and is different from personal property while estate means the "interest" a person has in that land property.

Glade M. Knight owns and operates multiple sources of income, including real estate investment trusts (REITs), corporate partnerships, and a large ranch with prize-winning horses. He is a patriarch for the Church of Jesus Christ of Latter-day Saints.

<span class="mw-page-title-main">New York Marriott East Side</span> Hotel in Manhattan, New York

FOUND Study Turtle Bay is a student dormitory and former hotel building at 525 Lexington Avenue in Midtown Manhattan, New York City. The 34-story, 387 ft (118 m) building was designed by Arthur Loomis Harmon in a classical style and was developed by James T. Lee, grandfather of Jacqueline Kennedy Onassis. It was constructed between 1922 and 1923 as the Shelton Hotel, an apartment hotel. The Marriott East Side, one of several large hotels developed around Grand Central Terminal as part of Terminal City, is a New York City designated landmark.

References

  1. "Company news: Marriott plans to acquire Execustay for $114.5 million". The New York Times . January 7, 1999. Retrieved 2008-06-05.
  2. Louise Kramer. "Crain's New York Rising Stars - David Lorenzo". Crain Communications. Archived from the original on April 8, 2008. Retrieved March 6, 2010.
  3. Mary McAleer Vizard (August 20, 2000). "In the Region/Westchester; Demand Grows for Temporary Executive Housing". The New York Times . Retrieved March 6, 2010.
  4. David Lorenzo (April 25, 2001). "Corporate housing market is still hot". Real Estate Weekly. Retrieved March 6, 2010.
  5. "Marriott International to Sell ExecuStay Corporate Housing Brand to Oakwood Worldwide - Marriott News Center". Archived from the original on 2015-04-02. Retrieved 2015-03-26.

Company Name Etymology

Execu is an abbreviation for Executive