hospitalitystyle.com

(April 2009) posted on Mon Apr 13, 2009 EDT

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Hotel Asset Value Enhancement Inc. (hotelAVE), a hotel real estate advisory firm, has created a third-party management company to operate upscale boutique and branded hotels and resorts. Called StepStone Hospitality, the new entity will focus on properties of up to 400 rooms, with an emphasis on urban and premium suburban boutique and branded properties located in the eastern half of the U.S.

The company's principals are:

• Thomas Russo, ceo and president, a 45-year hospitality veteran with experience in hotel, resort and restaurant operations.
• James McGrath, chief operating officer and partner, with a 25-plus year career as an hotelier overseeing the operations of more than 250 hotels, both branded and independent.
• Michelle Russo, partner, whose background is in asset management and strategy, with experience in hotels valued at more than $2 billion. She is president of hotelAVE.

"We created StepStone to respond to specific requests from a number of institutional and private investors who wanted strong, hands-on operations by senior leadership, world-class strategic asset management and food and beverage expertise to generate the highest possible hotel investment returns in all phases of the economy," said Thomas Russo. "The missing ingredient in most third-party management is a strategic mind-set. In addition to on-site management, which focuses solely on day-to-day operations, every StepStone-managed property has a highly experienced regional support team that focuses on strategy."

StepStone currently operates The Hotel Providence, a luxury boutique hotel in Rhode Island's state capital, and has had management oversight of luxury to three-star properties in Boston and New York.