The company, which is headed by Zaya Younan, is already in escrow on its first hotel purchase, a 377-room, full-service Holiday Inn Select in Dallas, which is owned by Wyndham International. Younan is also in negotiations on four other hotels throughout the United States.
Zaya Younan says his company has been monitoring the hospitality market for the past two years and believes all the economic factors have fallen into place to make this the right time to move into hospitality. He says the firm strongly believes that the hospitality industry has bottomed and this is the time to find buying opportunities. In addition, Younan says his firm will also continue with its efforts in the office sector, planning to double in size from its current 3 million sf to 6 million sf by the end of 2004.
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