SMYRNA, GA--(Marketwire - Oct 26, 2011) - The Jameson Inn hotel brand is a profitable, highly recognized name in the economy hotel segment. The brand has been awarded the top spot in the coveted Market Metrix Hospitality Index for most of the last five years. The brand is licensed to independent operators with its largest portfolio being managed by Park Management Group LLC (PMG). PMG is an independent hotel management company that provides management services to 150 hotels operating under six brands and employs 2,200 property level associates.
On October 25th, the corporate owner of the largest group of Jameson Inn properties filed for bankruptcy protection. The filing covers 101 properties flagged as Jameson Inn and 2 as Signature Inn. These properties were financed with a complex structure of CMBS and mezzanine loans that matured in August. Like many real estate backed companies, securing new financing has proven difficult in the current lending environment. The bankruptcy filing was not initiated by PMG, Jameson Inns, Inc, or any unsecured creditor. This action was taken voluntarily by the property entities due to debt maturity issues and will stop property foreclosures that were scheduled for November 1st.
This filing will not jeopardize the ongoing operations or employees at these properties, the high-quality guest experience or the recognizable value that is the hallmark of the Jameson Inns brand.
Park Management Group LLC.
About Jameson Inn
Jameson Inn hotels provide classic southern colonial charm in a quaint country inn setting while offering all of the modern conveniences that travelers expect. There are over 110 Jameson Inn properties located in 13 Southeastern and Midwestern states. For more information, visit the company's website at www.jamesoninns.com.