Fine, Milton - 1999 - Tape 2, Side 3

Description

[T2S3] Respondent provides lengthy discussion on entering hotel/motel business with partner, Ed Perlow: looked at small hotel in Erie, Pa., purchased it with understanding owner would manage it; motel owner died, Respondent recalls learning motel management from employees and his work involved: lucrative venture. Respondent describes purchasing land in Carlisle, PA, built Howard Johnson motel, leading motel company at that time: Respondent and partner operated motel, Howard Johnson operated restaurant; describes securing mortgage and purchase of several other motels; continued to practice business and corporate law and real estate law; continued to look for other projects nearby. Respondent details changes created by building of tunnel on Parkway West; explains reasons for purchasing site in Greentree, close to city and airport, unable to get mortgage in Pittsburgh., provided by bank in San Francisco; built Greentree Marriott, impressed with management; hired others to run motel. Respondent mentions high quality of Marriott Hotels; describes expansion of motel from 250 to 500 rooms; former company Interstate Motor Lodges, changed name to Interstate Hotels Corp.; explains sale of previous motels and building hotels. Respondent notes through syndication, both investors and partners received returns; describes 2 day course taken in New York on syndication; notes Greentree Marriott completed: 1971; reflects on purchase of hotels in other cities and work involved. Respondent comments on strong relationship with Marriott Corp., owned 30-40 Marriott Hotels; explains business sold late 1990s; began third party management; comments on managing other hotels: gives names.