With the advent of its 40th year, Marshall has helped ownership navigate through the devastating pandemic to comparatively strong results.
SALISBURY, MD. – Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, today announced that it is has begun a year-long celebration to commemorate its 40th anniversary. During those four decades, the company has successfully managed through multiple industry economic cycles, pivoting to meet the constantly changing demands of both seen and unseen events.
“When my father, Chuck, founded the company back in 1980, it started as a limited partnership with just three hotels along the south Atlantic seaboard,” said Mike Marshall, president and CEO, Marshall Hotels & Resorts. “Since that time, we have grown to 73 current signed management agreements between operating and pre-opening hotels nationwide with above competitive set results in virtually all segments, though our sweet spot remains well-branded, three- to four-star hotels and resorts in urban, suburban and drive-to markets. We have worked with virtually all the leading franchise companies, as well as quite a few smaller brands that have thrived in their given locations. None of this would have been possible, I would add, without the assistance of the accomplished associates who have worked with us over the years. As we get ready to close the chapter on 2020, we look forward to at least another 40 years helping owners improve bottom line results and increase profitability while creating job growth opportunities for more than 100,000 associates.
Mike joined the family business at age 15 and has been integrally involved since. What started as washing dishes and handling carpentry projects has since led him to lead one of the largest, most well-respected third-party hotel management companies in the industry.
In the earliest days when the company was focused on purchasing and developing hotels, it was about helping my family and putting a few bucks in my own pocket while I was a teenager,” Marshall noted. “And even though my mother initially counseled against me joining the family business, it has since become one of the true loves of my life. We succeed when our clients succeed, and I find that very fulfilling. As we look towards the future, I am delighted that some of my own children are starting their own careers here and cannot wait to see what they do moving forward.
Following its initial growth plan, the industry ran headlong into the S&L crisis, at which point the company pivoted to third-party management. Throughout the early 1990s, the company strengthened its footing in management. The late ‘90s was a boom period for hotel construction, and Marshall doubled its portfolio size during this time.
With the tech meltdown and accompanying recession of 2001, Marshall maintained its leadership position as a third-party management provider while adding more distressed assets to its portfolio. “With the majority of owners simply looking to staunch the recession’s bleeding, we were able to step in and help owners stabilize, essentially helping in any manner we could,” Marshall recalled. “The construction boom period of the mid-Aughts created more opportunities for our company, and we were able to help the overwhelming majority of our owners achieve high water marks in profitability.
The Great Recession of 2008 brought further turmoil to the industry. In 2009, the company rebranded from Marshall Management, Inc., to Marshall Hotels & Resorts, a move that better positioned the company as it continued to grow geographically and in size. Marshall took on more receivership properties as part of their expansion. As the economy eventually rebounded, Marshall found itself in a burgeoning world of online marketing and advertising that created further self-reflection as the company perfected these new marking vehicles, repositioning hotels and expanding digital footprints.
With the advent of its 40th year, Marshall has helped ownership navigate through the devastating pandemic to comparatively strong results. “Location has been a main driver of business lately, but having gone through multiple downturns in the past, we had the experience and know-how to take steps earlier and more decisively than many of our competitors, resulting in a larger share of business for our portfolio. I am most proud of the fact, however, that throughout these trying times, we have not laid off or furloughed one corporate employee. We’re obviously heartened by the recent news of the multiple vaccines that look just about ready to go to market and believe a return to ‘business as usual’ is likely sometime in the latter half of 2021. It’s been a fantastic ride so far, and I’m fascinated to see what tomorrow will bring.
Considering the pandemic, the company has opted to postpone any immediate celebration activities, instead focusing on business recovery and growth. “Health restrictions and common sense dictate that now is not an ideal time to get together to host, and we realize that monies can be better spent at the moment keeping our associates employed,Marshall said. However, we are looking forward to an incredibly special event when the timing is right. You only turn 40 once, after all.