Atlanta, GA (PRWEB) May 29, 2013
Just in time for Summer, Claxton Group Inc. has expanded its corporate housing division by completing a multimillion dollar acquisition in Kingsport, Tennessee. Corporate housing is a term in the travel industry meaning renting out a furnished apartment, condo or house on a temporary basis to individuals, military personnel or corporations as an alternative to a traditional hotel or an extended hotel stay. According to Corporate Housing Providers Association (CHPA), the industry's trade organization, corporate housing revenue was $2.36 billion in 2009 and $2.47 billion in 2010. The corporate housing industry has been a significant growth segment of the lodging industry for the past 20 years. This has led to Claxton Group Inc investing heavily in this segment of the company over the last three years.
This newest multimillion dollar transaction in Kingsport is Claxton Group’s latest investment in Tennessee. Later this year, the company is expected to announce additional assets to its Tennessee holdings to include more corporate housing and low-income housing units. This includes the proposed $31 million mixed-use corporate & assisted living complex, for which the company is currently scouting locations for in the “Tri-Cities” region of Tennessee.
Claxton Group Inc. will move forward with its previously announced expansion plan for the next eighteen months (18) with the continued acquisitions of multifamily, corporate housing, and skilled care assets throughout the Eastern Seaboard. This will include the opening of new offices in both Atlanta and Savannah, Georgia.