PORTLAND, ME / ACCESSWIRE / October 1, 2024 / Fathom Companies (Fathom Real Estate Development & Fathom Hotel Management) are excited to announce that they have engaged industry veteran Larry Spelts to lead Fathom's portfolio growth through both additional third-party management opportunities and development opportunities. Having successfully grown four management companies' portfolios since 2009, Spelts brings a wealth of experience in scaling hospitality management companies and is spearheading Fathom's strategy to expand its portfolio. A key part of the growth strategy that Spelts will deploy on Fathom's behalf is focused upon the current glut of Product Improvement Plans (PIPs) and the fact that there are hotel owners who are struggling with effective execution of PIPs, unable to access the financial resources to execute their PIPs, or, in some cases, both.
"We have the ability to help hotel owners who don't have the project management capacity and/or the finance resources to execute a PIP," says Spelts, who continued, "Fathom's V.P. of Finance and I collaborated to model a typical management deal whereby Fathom could, contingent upon diligent underwriting, propose "key money" to earn management of an asset and its PIP project and thereby provide an owner a path toward satisfying their brand's PIP requirements.
This PIP-focused growth strategy is an idea born from a serendipitous situation that Fathom Companies finds themselves in: they have built a robust hotel management company to complement their hotel real estate development organization. As a result, they have a team of highly experienced development, project finance, project management, and hotel operations management professionals. Having four hotels currently under their management and two others that they are actively developing, they are able to easily add hotels to their portfolio. In addition to PIP assistance, V.P. of Hospitality Management Brandon Hussey adds that "In cases where an existing management contract needs to be terminated, Fathom has assisted with covering a portion of the cost of early termination fees or liquidated damages where it makes good financial sense for us to do so."
Fathom Companies began as a real estate developer and has evolved into hotel management resulting in a hotel management company that has an outstanding capability for development, project management, and renovation with access to both talented development and operations teams as well as access to capital. Fathom developed and opened The Press Hotel in 2015 and opened the Canopy by Hilton in 2021, both located in downtown Portland, Maine. These hotels have achieved recent RevPAR penetration indices of 238% for the Canopy and 280% for The Press Hotel. Fathom's hotels earn top guest survey rankings as well as receive top honors from Marriott and Hilton for the hotels' high-quality operations.
For more information, contact Larry Spelts lspelts@fathomcompanies.com or 843-518-1786.
Contact Information:
Larry Spelts
Business Development for Fathom Companies
lspelts@fathomcompanies.com
843-518-1786
SOURCE: Fathom Companies
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