Midas Organization Hires Chief Experience Officer, Marc Connor

Midas Organization Hires Chief Experience Officer

Marc Connor named to newly created position for sister businesses

(St. Louis, Mo., June 27, 2018) Midas affiliated companies – comprised of Midas Hospitality, Midas Capital, Midas Development and MC Hotel Construction – created a new position designed to take its culture, brand and communications to the next level. 

Marc Connor was recently named Chief Experience Officer for sister companies Midas Hospitality, a premier hotel management group; Midas Capital, an investment company specializing in hotel acquisition and development; Midas Development, a turn-key solution for cyclical renovations and property improvement plans; and MC Hotel Construction, a general contractor specializing in new hotel construction and renovations.

In the newly established position, Connor will lead strategic planning, global marketing and branding, and culture and people development efforts while handling the organization’s charitable foundation.  He will primarily focus on hiring and retaining key employees, as well as offering a customer-centric experience for hotel guests and clients.  Connor will unify the hotel industry businesses by emphasizing the company’s culture and forward-thinking approach. 

Connor has more than 20 years of experience in assisting businesses with innovation, organization, marketing and strategy.  Prior to joining the Midas organization, he held senior positions with Build-A-Bear Workshop and the global advertising agency POSSIBLE.  Connor earned a Bachelor of Arts degree in Communication from Miami University in Oxford, OH.

“Our Culture is what makes us unique in our industry.  We have always believed that, by focusing on our people first, we create an environment that is a win-win for our associates and our business,” said David Robert, CEO and Manager.  “It’s important that we continue to invest even more energy and resources into our associates, guests and clients.  Marc’s background and skillset provide this unique advantage to the Midas enterprise.”

Midas Hospitality is thinking bigger with its new $100 million fund, Midas Capital.

Midas Hospitality is thinking bigger with its new $100 million fund, Midas Capital.

Previously, the Maryland Heights-based hotel management group raised $100 million from 200 investors over a 12-year span to fund specific hotel acquisitions and new developments. Now, Midas is aiming to raise another $100 million by the middle of 2019 for 10-15 new hotel developments and acquisitions across the Midwest and Southeast that have yet to be announced.

Investors will see a target return of about 16-18 percent, with 8 percent of the return being paid annually, with many qualifying for tax-deferred income, said Josh Burrell, director of investments for Midas Capital. The fund has raised $10 million so far, and Burrell said distributions will begin by Sept. 30. The company also is projecting that the 10-15 new hotel projects will add 350 permanent jobs.

“Investors are worried about volatility but we’ve minimized that by having a portfolio of hotels, which is more attractive. There’s less idiosyncratic risk of just owning one piece of commercial real estate,” Burrell said.

A Saint Louis University alum, Burrell leads Midas Capital’s New York office and is responsible for strategy development, acquisition due diligence, investor relations and sector research. Prior to joining Midas Capital, Burrell served as vice president in the Capital Advisory Group for Lazard Asset Management and as a senior analyst for Moody’s in New York and London. He’ll work along with the fund’s other director of investments, Eric Goettelmann, who heads the St. Louis office and has more than 10 years of experience in finance and business development, including serving as controller for Midas Hospitality.

Founded 12 years ago, Midas Hospitality counts 40 hotels in its portfolio — all middle-market hotels that aren’t as impacted by cuts in business travel and can weather swings in the economy. Recent projects include a $28 million,100-room Hampton Inn and a 107-room Home2 Suites in Minnesota; a $20 million Residence Inn in Charlotte, North Carolina; and a 110-room Courtyard by Marriott in Clemson, South Carolina, that it acquired $16.5 million. Midas Hospitality reported $79.4 million in revenue last year, a 1,626-percent spike since 2006.

Across the U.S., hotel demand is expected to outpace supply. Data from STR and Tourism Economics showed that supply will grow 2 percent and demand 2.3 percent in 2018. In 2019, supply is projected to increase 1.9 percent and demand 2 percent

Midas Hospitality takes on new director of revenue management

Morgan Bilek. Photo credit: Midas Hospitality
In this position, Bilek will implement and execute the companywide revenue management culture and philosophy. Her responsibilities include handling transient and group pricing strategies, creating a proper segmentation mix, and overseeing revenue management objectives and strategies in order to maximize hotel room revenue at all Midas properties.

Bilek has more than 12 years of hospitality experience. Before joining Midas Hospitality, she worked as the director of revenue management for a hospitality management group based in Kentucky. She also has worked in a similar capacity for a hospitality property operator and developer in Wyoming.

“Morgan’s extensive IHG and Marriott brand experience, coupled with a strategically-focused financial mindset, makes her a great fit for Midas,” Kurt Furlong, EVP of sales & marketing and principal at Midas Hospitality, said in a statement. “She brings a vast mix of communication and analytical skills to this position, and we look forward to working with her.”

Founded in 2006, Midas Hospitality has developed, opened and currently manages numerous properties including 40 hotels in 14 states. The company serves global brands including Hilton, IHG, Marriott and Starwood. Midas Hospitality’s headquarters are located in Maryland Heights, Mo.

Hotel operator Midas launches $100 million fund to build bigger projects

By Brian Feldt St. Louis Post-Dispatch Feb 9, 2018


Midas Hospitality, a growing hotel operator in the St. Louis area, has plans to raise up to $100 million to help fund future acquisitions and development.

The money raised will be deployed in key markets such as Charlotte, N.C., Dallas, Atlanta, Denver and St. Louis, and help accelerate future growth. Midas, along with an affiliated development firm called MC Hotel Construction, separately reported a combined $137.7 million in revenue in 2017, a 40 percent increase over 2016.

Established in 2006, Midas has developed approximately $500 million worth of hotel properties across 14 states. The company is behind two high-profile projects soon to begin in midtown — the $25 million, 153-room Element by Westin on the site of the current Habitat for Humanity St. Louis headquarters at 3763 Forest Park Avenue, and the $28 million, 129-room Aloft Hotel in Cortex at 4245 Duncan Avenue. Habitat for Humanity St. Louis is moving its headquarters to a former grocery store property at the corner of South Grand Boulevard and Chippewa Street in south St. Louis.

Midas also recently opened the $25 million dual-branded Residence Inn and Fairfield Inn & Suites by Marriott in Maryland Heights in January.

The new fund, said co-founder and managing member J.T. Norville, is a “unique vehicle for our investors in St. Louis.” Approximately $5 million of the total fund has been raised to date, Norville said.

“There are other real estate funds in St. Louis, but none that are strictly focused on the hotel sector,” he said. “With that type of capital, we’ll be going after bigger projects moving forward.”

U.S. hotel transaction volume is expected to remain flat around $28 billion in 2018, according to research from real estate firm JLL. JLL found an increase in buying activity from private equity and institutional investors — more than 70 percent of hotel transactions worth $45 billion were acquired by such investors, up from 62 percent in 2014.

Revenue per available room (RevPAR) and average daily rate (ADR) — two key metrics watched closely by industry experts — have risen in the St. Louis market from $73.55 and $108.18, respectively, in fiscal 2016 to $76.01 and $111.85 in fiscal 2018, according to data from the St. Louis Convention and Visitors Commission. Occupancy rates, meanwhile, have remained about flat.

Midas, with nearly 900 employees nationwide, has steadily increased revenue over the last decade to $79.4 million in 2017. The MC Hotel Construction affiliate, which shares an office building in Maryland Heights with Midas, has grown rapidly since being founded in 2013 from just $1 million in its first year to $58.3 million last year.

Both companies actually leveraged the economic recession between 2008 and 2010 to grow.

“We started at an ideal time,” said Midas co-founder David Robert. “We didn’t have any old, ugly assets in our portfolio that would have to suffer through the recession, and we also had the opportunity to find some opportunities to buy assets low.”

Robert said Midas is on track to grow into a 50-hotel portfolio company by 2020 with enterprise-wide revenue of $270 million and more than 1,500 employees.

Gary Andreas, a hotel analyst with H&H Consulting, said Midas’ growth trajectory is similar to Drury Hotels, the St. Louis-based firm founded in the early 1970s that has more than $500 million in annual revenue.

“Drury got started as a construction company and then started building limited service hotels,” Andreas said.

Andreas said investors for hotels typically seek a company ready to act on several projects at once. “Midas has made that commitment and they’ve got the staff in-house to start on considerably larger properties than a lot of pure property management ownership companies do,” he said.

$25M Dual-Branded Marriott Hotel Opens in Maryland Heights, Missouri

MARYLAND HEIGHTS, MO. — Midas Hospitality has opened Residence Inn and Fairfield Inn & Suites by Marriott in Maryland Heights, about 20 miles northwest of St. Louis. The $25 million project is Marriott’s first dual-branded hotel in the St. Louis area. The 119,000-square-foot property is located at 11918 Westline Industrial Drive, formerly home to Clayton Engineering. The hotel includes 96 rooms for the Residence Inn and 88 rooms for the Fairfield Inn & Suites. The property features a fitness center, indoor pool, meeting rooms, guest laundry facilities and backyard seating areas with a grill and pergola. Midas Hospitality will manage the hotel, which was built by sister company MC Hotel Construction.