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(Ostroff) had worked for a number of years for Hilton Hotels as a
hotel manager and executive. Ballard hired Ostroff to serve as
Prudential's in-house consultant on hotels and hotel operations.
When Ostroff began working for Prudential, the real estate
department staff in Prudential's regional offices negotiated
hotel management contracts for Prudential's hotel properties on
an ad hoc basis. By 1979, Ostroff had devised a model hotel
management contract that Prudential's real estate department
staff could use in negotiating such management contracts.
Ostroff also worked on various hotel projects with Knab, Ballard,
and Lisle.
One of Ostroff's first assignments at Prudential was to
improve the operating condition of the Gateway Hotel located a
few blocks from Prudential's corporate headquarters in Newark,
New Jersey. Prudential had recently acquired the Gateway Hotel
through foreclosure, and the hotel was in shabby condition.
Moreover, Prudential wanted to upgrade the hotel because
Prudential executives and individuals transacting business at
Prudential's headquarters office frequently stayed at the hotel.
Ostroff first obtained a Hilton franchise for the Gateway
Hotel.15 Ostroff next hired a new hotel management company to
15
Although Hilton Hotels had been reluctant to grant
Prudential a franchise, Ostroff obtained the franchise by
pointing out to Hilton Hotels the other profitable business
dealings it had with Prudential.
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