NORTHBROOK, ILLINOIS Hotel owner-operator Lane Hospitality announces a new ownership structure, with the leadership team including CEO Bill DeForrest taking a minority interest in parent company Lane Industries Inc.
Phelps Lane, president and CEO of Lane Industries, says the transaction allows the company to focus its combined talents and energies to ensure a successful future. Terms of the transaction have not been disclosed.
“After 30 years of successfully building Lane Hospitality as a wholly owned subsidiary, we are now excited to partner with our senior management team to pursue future opportunities and achieve our growth objectives,” Lane says. “The continued enhancement of our real estate investments through prudent capital deployment, as well as growth in our third-party management business, is an important focus as we look to an exciting future for our team.”
DeForrest, president and CEO of Lane Hospitality, calls it “a privilege” to partner with the Lane family and his colleagues. “It is rewarding that the individuals who comprise our company’s executive committee all chose to enthusiastically complete our acquisition of a significant minority interest in the Lane Hospitality real estate and management platform,” DeForrest says.
Going forward, both Lane Industries and the company’s management team expect to align ownership interests and make future capital investments in the business.
“Our goal is to create an exciting environment for our associates to continue their outstanding work and provide an excellent experience for our guests while also achieving strong returns for our investors and partners,” says DeForrest, who this week begins his year as chairman of InterContinental Hotel Group’s Owners’ Association. “This transaction is a great ending to a great week.”