HVS Asset Management - Newport Assumes Asset Management of Acclaimed Caribbean Resort

HVS Asset Management - Newport has assumed the Asset Management of one of the most acclaimed resorts: Peter Island Resort selected by Forbes, Condé Nast, Travel + Leisure as one of the Caribbean’s most exclusive destination properties.

For Immediate Release

Tiverton, RI – February 19, 2008 - HVS Hotel Management has taken over the asset management of one of the most acclaimed resort hotels: Peter Island Resort selected by Forbes, Condé Nast, Travel + Leisure, and others for numerous awards and recognition, as one of the Caribbean’s most exclusive destination properties.

HVS Hotel Management is a division of the world’s largest hospitality consultancy HVS, based in Mineola, NY. Based in Tiverton, RI, HVS Hotel Management manages hotels for investment groups as well as lending institutions and has capital available to advance as loans or equity for its managed properties.

Peter Island Resort, a member of Preferred Hotels & Resorts Boutique Group, is comprised of 52 luxury rooms, three elegant villas, a spa, numerous secluded beaches and a marina on a 1,800-acre island which is the largest private island in the British Virgin Islands. The accommodations, spa and restaurants all have views of nearby islands. The resort’s restaurants and lounges specialize in a variety of cuisine and dining styles and are internationally renowned for their cuisine.

"As with all of our asset-management clients, our goal for Peter Island Resort is to work with management, in this case Managing Director, Wayne Kafcsak, and his leadership team to create a comprehensive business plan with an eye toward refining all aspects of the operation, and lend our expertise to helping management maximize the guest experience while assisting in refining and executing a US$30 million capital improvement plan” said Kirby D. Payne, CHA, founder and president of HVS Hotel Management. “We are indeed proud to have been chosen by Peter Island Resort’s owners to serve as the Asset Manager of their luxurious lodging operation, and we’re looking forward to being involved in its continuing success."

In addition to Peter Island Resort, HVS Hotel Management also serves as Asset Manager for Fisher Island Club’s Hotel and Resort and the Sagamore Hotel in South Beach known for its art collection.. The company has completed a successful stint as Asset Manager for the former owners of the Fairmont Turnberry Isle Resort & Club, in Aventura, Fla., which was sold to new owners. Another resort in the company’s Asset Management portfolio, The Balsams Grand Resort, received a large amount of national press attention as the first location in New Hampshire to report primary results on January 8th for the 17 voters in Dixville Notch.

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Kirby D. Payne, CHA
(401) 625-5016
About HVS Hotel Management

HVS Hotel Management is a full-service hotel-management company founded by Kirby D. Payne, CHA, in 1988. The company has staff in South Florida, Rhode Island and Minneapolis. The company has operated hotels throughout the United States and served a multiplicity of clients, including lenders, airport authorities, law firms and individual investors. Through various partnerships, HVS Hotel Management has developed and owned several hotels. Payne, a 30-plus-year hotel-industry veteran, served as the 2002 Chair of the American Hotel & Lodging Association (AH&LA), is a former director of the National Restaurant Association, and currently serves as a commissioner on the Certification Commission of the AH&LA’s Educational Foundation. For more information, visit their Web site at HVSHotelManagement.com.

About HVS

HVS is a global consulting and services organization focused on the hotel, restaurant, timeshare, gaming and leisure industries. Established in 1980, HVS performs more than 3,000 assignments per year for virtually every major industry participant. HVS is client-driven, entrepreneurial and dedicated to providing the best advice and services in a timely, cost-efficient manner. For more information, visit the company Web site at HVS.com.