The hospitality management company recently launched by Michael Haynie is close to purchasing its first hotel, a Maryland property.
The former managing director of Baltimore's Tremont Suite Hotels, Haynie this month created
Parkway Hospitality Management LLC. Haynie is leasing space at event firm P.W. Feats, at 3 East Read St. in Mount Vernon for himself and his three employees.
Haynie didn't want to lease his own office just yet as a startup and thought that by taking space in another office could help him keep costs low.
"You don't want to be overwhelmed with debt," he says. "It hurts the company's ability to be successful."
Parkway will initially focus on getting management contracts at distressed hotel properties and taking a partial or full ownership stake in these deals. A lot of banks have taken over financially troubled hotels, but lack the expertise to manage them. Haynie couldn't reveal the Maryland property his company is currently trying to purchase because the deal is not finalized.
Parkway isn't limiting its focus to hotels, however. The company is looking at prospective restaurants and retail shops to offer its consultation services. This includes providing customer service training and performing staff assessments. The company is eye properties along the East Coast, from Pennsylvania to North Carolina.
Writer: Julekha Dash
Source: Michael Haynie, Parkway Hospitality Management