Crown American
Company typePrivately-held company
IndustryCommercial real estate
Founded1950; 74 years ago (1950)
HeadquartersJohnstown, Pennsylvania, U.S.
Key people
Michael A. Barletta, President and CEO
Mark E. Pasquerilla, Chairman
ProductsHotels
Websitecrownamericanassociates.com

Crown American is an American privately-held company that owns one hotel and its headquarters building in Johnstown, Pennsylvania.[1]

History

20th century

The company was founded in 1950 as Crown Construction. Frank J. Pasquerilla, who joined less than a year later, became president in 1956 and sole owner in 1961. The company's name was changed to Crown American in 1972.[2] In 1979, it acquired the Hess's department store chain.[3]

At its height in the late 1980s, the company owned 25 regional malls, more than 20 hotels, and a regional department-store chain. The company moved into a corporate headquarters in a building designed by architect Michael Graves.[4] In 1989, it planned to offer $1 billion to acquire Bloomingdale's.[5]

In 1993, the company split into two entities. The shopping mall portion of the company, Crown American Realty Trust, became a public company and real estate investment trust, via an initial public offering, and Crown American Hotels controlled the company's hospitality businesses.[6]

In 1994, the company sold the remaining Hess's stores.[7][8]

Frank Pasquerilla died from a stroke in April 1999.[9]

21st century

In 2003, the shopping mall development and management unit, Crown American Realty Trust, was sold to Pennsylvania Real Estate Investment Trust (PREIT), leaving the company solely with hotel properties.[10][11][12][13][14] Notable shopping malls owned by the company and sold to PREIT in 2003 were: Carlisle Plaza Mall, Logan Valley Mall, North Hanover Mall, Shenango Valley Mall, Nittany Mall, Viewmont Mall, Washington Crown Center, Wyoming Valley Mall, Uniontown Mall, Palmer Park Mall, Capital City Mall, Valley Mall, South Mall, Francis Scott Key Mall, Lycoming Mall, Valley View Mall, Schuylkill Mall, Jacksonville Mall, West Manchester Mall, Chambersburg Mall, Wiregrass Commons Mall, Patrick Henry Mall, New River Valley Mall, Oak Ridge Mall, Phillipsburg Mall, Ashland Town Center, Martinsburg Mall, Bradley Square Mall, and Mount Berry Square.[15]

In 2004, 22 of the company's 26 hotels were acquired by Capital Lodging, a new real estate investment trust.[16]

References

  1. ^ Sutor, Dave (February 2, 2022). "'Major investment in Johnstown': Sale of Holiday Inn downtown complete". The Tribune-Democrat.
  2. ^ "PENCHANT TO DO THINGS DIFFERENTLY SPELLS SUCCESS FOR CROWN AMERICAN EXECUTIVE INTERVIEW FRANK J. PASQUERILLA, CROWN AMERICAN CORP". The Morning Call. September 28, 1987.
  3. ^ "Crown Seeking to Sell Remaining Hess's Units". Women's Wear Daily. April 20, 1994.
  4. ^ Pacelle, Mitchell (January 21, 1998). "Crown America Woos Wall Street, But the Bad Memories Still Linger". The Wall Street Journal.
  5. ^ Barmash, Isadore (September 12, 1989). "Crown American Plans Bloomingdale's Bid". The New York Times.
  6. ^ "CROWN AMERICAN REALTY RAISES $423.3 MILLION IN Sale of Shares". The Morning Call. August 13, 1993.
  7. ^ "CROWN AMERICAN FAILS TO SAVE HESS'S AS ANCHOR SHOPPING MALL-DEPARTMENT STORE MARRIAGE FAILS TO WORK FOR HESS'S". The Morning Call. August 14, 1994.
  8. ^ "Hess's to Sell Its Last 30 Stores". The New York Times. Reuters. August 2, 1994.
  9. ^ Freudenheim, Milt (April 27, 1999). "Frank Pasquerilla, 72, Builder and Benefactor". The New York Times.
  10. ^ Thomas, Marita (May 14, 2003). "PREIT Buys Crown American for $1.3B in Stock and Assumed Debt". ALM.
  11. ^ Blumenau, Kurt (November 12, 2003). "Crown American is bought by PREIT". The Morning Call.
  12. ^ Michael Roknick, Michael (May 15, 2003). "Pa. firm buying mall's owner". Sharon Herald.
  13. ^ "Pennsylvania REIT to Buy Crown American Realty Trust". The New York Times. Reuters. May 15, 2003.
  14. ^ "Pennsylvania Real Estate Investment Trust and Crown American Realty Trust Announce Merger Agreement; Combined Company to Become a Leading Mid-Atlantic Shopping Mall REIT". Pennsylvania Real Estate Investment Trust (Press release). U.S. Securities and Exchange Commission. May 14, 2003.
  15. ^ "CROWN AMERICAN REALTY TRUST 2002 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  16. ^ McCready, Jeff (April 21, 2004). "Capital Lodging, a REIT, Acquiring 22 of Crown American's 27 Hotels". The Tribune-Democrat.

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