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majority shareholder), James, and another longtime business
associate, C. Huston Bell.
In persuading James to participate in the ownership and
operation of MHM, it was agreed that MHM’s hotel management
business would be expanded. After MHM commenced its operations,
although he generally was not involved in conducting MHM’s
day-to-day business operations, Eulich helped arrange financing
for MHM and was actively engaged in marketing MHM’s services to
various outside parties in an effort to obtain additional hotel
management business.
By the middle to late 1970s, MHM had acquired a good
reputation for the hotel management services it offered.
Prudential’s real estate department staff generally were very
satisfied with MHM’s management of a number of hotel properties
in which Prudential was involved. However, until about the early
1980’s, MHM generally only managed smaller-size hotel properties,
not large hotels. By about the early 1980s, MHM managed hotel
properties nationwide in about 20 to 25 states, although to a
more limited and lesser extent than it wished in the northeastern
region of the country.
b. Allen Ostroff
In about 1976, Allen Ostroff became a Prudential real estate
department employee and served as Prudential’s in-house
consultant on hotels and hotel operations. Prior to joining
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