LBA Properties

Introduction

Larry Blumberg & Associates, Inc. (LBA) and its subsidiaries are a group of companies providing comprehensive hotel development and management services. The company operates primarily in the southeastern U.S. from its corporate office in Dothan, Alabama. LBA has been a developer and operator of hotels for more than 35 years. The background and culture of LBA has evolved through the eyes of an owner who is focused on maximizing return, safeguarding assets and enhancing value. LBA’s “hands-on” involvement creates a personalized, but effective, working relationship between the property and management company.

LBA strongly believes the associates at the property are the most important component in achieving their goals. This emphasis on their associates’ recognition, well-being and involvement in the operations of the property creates a sense of proprietorship and desire to satisfy guests that is the driving force behind the properties’ excellent guest satisfaction ratings. LBA’s company mission is providing the necessary support for their associates to do their jobs.

The current hotel management portfolio includes a full service Holiday Inn, one Holiday Inn Express, eight Fairfield Inns by Marriott, two Fairfield Inn & Suites by Marriott, three SpringHill Suites by Marriott, nine Courtyards by Marriott, three Residence Inns by Marriott, one Towneplace Suites by Marriott, two Hampton Inns, two Hampton Inn & Suites, three Hilton Garden Inns, two Homewood Suites by Hilton, and the Medical Center Inn.

Mission Statement

Utilizing prudent business practices, professionalism in operating philosophy and property management, and high ethical values, LBA is committed to enhancing value to its associates, guests and owners by utilizing the following core values to become a well-respected leader in hotel management.

	•	LBA will become the most successful operator of mid-priced hotels by managing leading brands to achieve superior results throughout the United States.
	•	LBA will operate hotels with disciplined systems and will maintain the highest standards of professional integrity throughout all of its operations.
	•	LBA will adopt a Human Resource philosophy of developing the best management team in the hotel business through sound hiring practices, a dedication and commitment to training and career development, and through fostering a management culture which breeds a winning attitude and a flexible response capability.
	•	LBA will create an environment that recognizes people as the most important asset and will express concern and well being for all associates. LBA wants associates to WANT to come to work, to be happy in their work environment and to feel a sense of urgency to exceed the guests’ expectations.

Management Principals

Larry Blumberg
Larry Blumberg is the founder, owner, Chairman, and Chief Executive Officer of Larry Blumberg & Associates, Inc. He developed his first hotel, a 100 room Sheraton Inn, in 1972. Over the years, that property was expanded several times and in 1990, was converted to a Holiday Inn. Today, this hotel is still owned by the original investor group and continues to be managed by LBA.

Larry focuses on the strategic growth and development of LBA and defines the future course for the company. He identifies the resources necessary to remain competitive and maintains strong relationships with the investors and the financial community. In addition, Larry manages the new development process.

Barry Kraselsky
In 1983, Barry Kraselsky joined LBA and has been integrally involved in their growth. As President of the company, it is his responsibility to insure LBA provides the necessary support to the operations of the hotel properties and office staff. In addition, he maintains relationships with the franchise investors and property owners as well as being involved in the development of new properties and the management portfolio.

Barry’s passion for product excellence has been the driving force behind LBA’s highly recognized management program.

Beau Benton
Beau joined LBA in June 2005 as Executive Vice President and Chief Financial Officer. He was promoted to Chief Operating Officer in July 2006. He was previously a principal in the regional accounting and consulting firm of Jackson Thornton. He has over 14 years of financial experience in the areas of accounting and business consulting for closely held businesses. He is a graduate of Auburn University and has earned designations as a Certified Public Accountant, Accredited in Business Valuation and as a Certified Forensic Financial Analyst. Beau is responsible for the day-to-day operations of LBA and the operations of all properties.

Sharon Powel
Sharon Powel, Vice President of Administration/New Development, was LBA’s “first associate” joining the company in 1983. Sharon oversees the accounting responsibilities for the corporate office, as well as the Blumberg Family Trust properties. She is responsible for the administration of the legal aspects of LBA serving as the liaison between the lenders, attorneys, and partners, including the setup of new entities, management contracts and overseeing the securitization of loans.

Sharon also serves as Larry’s Executive Assistant and is involved with new developments in preparing loan presentations, franchise applications and development budgets.

Justin Shelton
Justin Shelton, Vice President of Operations, joined LBA in 2001. He has been an integral part of LBA's task force teams for third party takeovers as well as General Manager for the Courtyard in Valdosta, Georgia which went on to win Courtyard by Marriott Opening of the Year for 2002. Justin continues to be a vital team member for LBA's New Development, opening an average of three hotels a year.

Justin graduated from the University of Alabama with a degree in Restaurant and Hospitality Management and brings to LBA 12 years of multi-brand experience with select service Marriott brands, Holiday Inn and Hampton Inn.

Farrah Adams
Farrah Adams, Vice President of Operations Support, joined LBA in 1999 as Barry's Administrative Assistant and was voted LBA's Associate of the Year in 2002. She is responsible for FF&E and operational supplies procurement for new developments, procurement and project management for renovations as well as national contract negotiation. Farrah is directly responsible for operations support functions which include various financial and market reports and annual business plans and administration of the associate bonus program.

In addition, Farrah oversees all administrative duties and support of the Operations Department.

Teresa Stowell
Teresa Stowell, Vice President of Sales & Market Strategy joined LBA in 2002. She has worked in the hotel industry for more than 24 years and is a graduate of Georgia State University. As the LBA portfolio of hotels continues to grow on a rapid pace within LBA, a particular emphasis is given to the sales effort during pre and post opening hotel periods. Teresa oversees this process and is the primary sales contact for LBA and franchise partners involved.

Today's eCommerce environment is more complex than ever. Ensuring that LBA's hotel presence is optimized on the internet is a key component to Teresa's responsibilities. She is also responsible for establishing sales policies and procedures for the company and for developing sales training for the entire sales team of LBA. Teresa works to determine where areas of emphasis are needed from a sales standpoint to ensure revenue and share is maximized through improved performance and effort.

Terrell Hodnett
Terrell Hodnett, Vice President of Systems and Financial Reporting, joined the company in 1987. Terrell is responsible for all information systems, and computer related activity. His primary responsibility is providing customized operational and accounting reports to be used in the management of the properties, and ensuring all systems are up to date and operational.

Richard Blumberg
Richard Blumberg, Vice President of Commercial Real Estate, joined LBA in 1986 and handles the commercial real estate interests for the company. This includes commercial brokerage and the management of shopping centers and mini storage facilities. Richard also handles all special projects and the maintenance of the corporate office’s physical plant.