The president's position at Portman Holdings has been vacant since AJ Robinson left that post several years ago, a Portman spokesman tells GlobeSt.com. Senior management members filled in during the interim. "Given the great opportunities ahead, the company decided recently to fill the role once again," the company representative says.
John C. Portman Jr. chairs the Portman companies. Jack Portman is vice chairman of Portman Holdings.
In his new position, Arasi will direct Portman Holding's plans to develop about $2 billion in domestic and international real estate projects over the next three years.
"Over the past six months, there has been a shift toward real estate as a preferred asset class," Arasi says in the same statement. "In many cases, buyers are paying at or well above replacement cost for properties, which makes development a decidedly attractive investment in today's market." He says "this is particularly true in the hotel sector." Portman has $750 million in development projects under way.
At CNL Hospitality Corp., Arasi handled investment and acquisition assignments for the $6.5-billion REIT. He is a past CEO and president of Atlanta-based Lodgian Inc. and was president of three divisions, including the Americas, at Texas-based Bass Hotels & Resorts, now InterContinental Hotels Group. Arasi has also held senior executive positions with New York-based Salomon Brothers, HVS International and Sheraton Hotels.
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