ExecuStay
| Founded | 1987 |
|---|---|
| Products | Extended stay hotels |
Marriott ExecuStay, a division of the Marriott International hotel chain, is a provider of temporary, furnished, corporate relocation and insurance housing solutions for stays of 30 days or longer. Marriott ExecuStay is located in 45 regions in the United States and maintains over 6,000 temporary homes.
As part of the Marriott family, ExecuStay participates in the Marriott Rewards program, allowing members staying at any ExecuStay location to earn points or frequent flyer miles pursuant to the terms of membership. J.W. Marriott, Jr. is the Chairman & Chief Executive Officer of Marriott International. Adam Sherer is the Brand Vice President for ExecuStay.
History
ExecuStay was founded in 1987 and was one of the first corporate housing providers to offer its stock for sale to the public in August 1997. ExecuStay Corporation was purchased by Marriott International in 1999, where it first became ExecuStay by Marriott.[1] In March 2002 the name was changed to Marriott ExecuStay.
Between 1999 and 2002, under David Lorenzo (first as vice-president, later general manager), the annual revenue of ExecuStay increased from $1 million to more than $50 million in less than 3 years. Despite the context of a tight housing market, in less than two years, he managed to increase the division’s available apartments from 180 to 800 units.[2] He also expanded the geographic coverage of ExecuStay into nearby Connecticut, New Jersey, Westchester, and Long Island, in a time when the concept of corporate housing was considered a feature of Manhattan's real estate market.[3][4]
In April 2014 Marriott sold the ExecuStay brand to Oakwood Worldwide Corporate housing.[5]
References
- ↑ "Company news: Marriott plans to acquire Execustay for $114.5 million". The New York Times. January 7, 1999. Retrieved 2008-06-05.
- ↑ Louise Kramer. "Crain's New York Rising Stars - David Lorenzo". Crain Communications. Retrieved March 6, 2010.
- ↑ Mary McAleer Vizard (August 20, 2000). "In the Region/Westchester; Demand Grows for Temporary Executive Housing". The New York Times. Retrieved March 6, 2010.
- ↑ David Lorenzo (April 25, 2001). "Corporate housing market is still hot". Real Estate Weekly. Retrieved March 6, 2010.
- ↑ http://news.marriott.com/2012/04/marriott-international-to-sell-execustay-corporate-housing-brand-to-oakwood-worldwide.html
