In retail, besides the acquisition of Pace (mentioned above), this involves some of the premier power centers in San Francisco (including 555 9th Street, One Powell and Bridgepointe Shopping Center) and Los Angeles (River Oaks Shopping Center in Valencia) as well as numerous ground leases with Best Buy to help them get into selected locations in New England as well as a large sale/leaseback with Sports Authority to enable them to improve capitalization at a critical juncture in the late 1990s.
Multi-family ownership varies from S. Florida (Weston Park in Orlando) to Harbor Pointe in Bayonne (northern NJ) as well as CityView in Ft. Worth, TX, Crestview Station and Highline in Austin, Texas and other properties in the Santa Monica/West Los Angeles market. These acquisitions range from turn-around and value-add to new construction and long-term ownership.
Besides the above and office development of more than 1 million square feet in Irvine, CA, Mr. Squires is the principal owner (or co-Owner with Mr. Wong) of 47 WoodSpring Suites hotels around the country. Mr. Squires has also participated as a minority investor and asset management in the acquisition of another 31 hotels including 16 Extended Stay of America hotels in Texas and Oklahoma markets as well as 8 WoodSpring Suites primarily in the Dallas metroplex and an additional 5 Candlewood Suites, again in Texas and Oklahoma. The extended-stay assets currently achieve occupancy well in excess of 90% and are among the highest occupancy in the respective chains and the average leverage is approximately 50-55% with extensive coverage. Importantly, even in Covid these hotels achieved a low of 91% occupancy and increased revenues each year over the prior year. Current occupancy averages 93% for the majority hotels-owned. The above are just a few examples of the range, breadth, depth, and ownership of real estate by Mr. Squires.
Prior to SPI, Mr. Squires worked at various Bass Brothers and Rainwater, Inc.-affiliated companies from 1984-1991 in real estate acquisitions, investments, corporate strategy, and liquidation and in 1991 Mr. Squires with his partner at the time, Maxxam Inc, a Fortune 150 Company did the first ever RTC Bulk Sale which resulted in more than $100 million in profit and subsequently purchased and developed and/or sold more than 60 tracts of land nationwide from the RTC.
Mr. Squires holds a BS in Accounting with High Honors and the Honors Program at Penn State University and has an MBA from Harvard Business School as well as a CPA (non-current). He has previously served on the Board of Directors of public and private companies including Stream Energy, Forestar Group, Inc. (NYSE), Arise Virtual Holdings, LLC, Boss Holdings, Inc. (OTC), Box Energy Corp. (OTC), Crown American Bank and GSTV as well as the Board of Trustees of the St. Mark’s School of Texas.
