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Posts Tagged ‘reins’

ELS Moves Up Personnel

October 19th, 2012 Comments off

MarketWatch reports Equity LifeStyle Properties, Inc. (ELS) announces the company’s CEO, Thomas Heneghan, will become CEO of Equity International effective Feb. 2013. The company’s current president and CFO, Marguerite Nader, will fill the position of ELS’ president and CEO as of Feb. 1, 2013. As MHProNews reported Sept. 13, Heneghan replaces Gary Garrabrandt, co-founder of EI, whose sudden departure had Sam Zell temporarily holding the reins. Heneghan will also become co-vice chairman of the board of directors. Patrick Waite, with extensive experience in the manufactured housing industry, will become Senior Veep of Operations. He previously was Senior Veep of American Residential Communities (ARC). Zell says of Heneghan, “For almost two decades Tom Heneghan has provided outstanding leadership and service to this company, and we cannot thank him enough for all that he has accomplished. Equity International has raised over $2 billion from investors and has investments in 15 countries. ELS operates 382 communities in 32 states and British Columbia comprised of 141,077 homesites.

(Photo credit: ELS–Lake Haven, Clearwater, Fla.)

Zell Taps ELS CEO to Lead Global Firm

October 8th, 2012 Comments off

The Wall Street Journal reports billionaire investor Sam Zell is expected to choose Thomas Heneghan, now CEO of Equity LifeStyle Properties, Inc. (ELS), to replace Gary Garrabrandt as head of Equity International, Zell’s global real estate investment arm. Investors in Equity International (EI) must approve Zell’s choice, but could also make other changes to the most recent fund, or even close it. As MHProNews reported Sept. 13, 2012, Zell took the reins of EI following the sudden departure of Garrabrandt (with whom he started the initiative) and chief strategic officer Thomas McDonald. ELS has controlling interest in 380 MHC and RV communities comprised of over 141,000 home sites.

(Photo credit: Equity Lifestyle Properties, Inc.—Lake Haven, Clearwater, Fla.)

RV/MH Hall of Fame Museum Still Going

December 26th, 2011 Comments off

RVTimes tells MHProNews.com the RV/MH Hall of Fame Museum in Elkhart, Indiana, has managed to keep its doors open despite a debt of nearly $5 million as of last April when Tom McNulty took the reins as executive director. He says, “There are some good things happening and actually our cash flow is better than it’s been in a couple of years. Attendance during the summer was 100 to 150 people a day and we are seeing greater returns from our convention center.” Noting that while continuing to operate in the red, he adds, “At times we think we see the light at the end of the tunnel, but then someone turns off the switch. It’s very frustrating to say the least.” The museum has a $900,000 line of credit with First Source Bank. The family of the late Boots Ingram, who founded Teton Homes, loaned the museum $3.1 million. Both loans were made when the economy was in better shape. Bill Garpow, chairman of the Hall of Fame, says discussion is ongoing with the Ingram family to help resolve the debt, and the convention center already has $100,000 in bookings for 2012. He notes, “The good news is that it’s hard to find anybody that doesn’t say we need the hall, that we need to support it, that it’s a good endeavor. That tells me that if people start feeling better about their situation, then our situation could also improve.”

(Photo credit: RV/MH Hall of Fame Museum)