Trisha Shetty (Editor)

Crown American

Updated on
Share on FacebookTweet on TwitterShare on LinkedInShare on Reddit
Industry  Commercial Real Estate
Founded  1950
Headquarters  Johnstown
Type of business  Private
Key people  Michael A. Barletta, President & CEO
Products  Hotels, restaurants, office, retail
Website  crownamericanassociates.com

Crown American is a privately held American company that manages and develops commercial real estate. The corporate headquarters is in downtown Johnstown, Pennsylvania, in a building designed by architect Michael Graves.[1]

Contents

History

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 and in 1979 it acquired the Hess's department store chain.

In 1993, the company split into two entities. The shopping mall portion of the company became a publicly held real estate investment trust, Crown American Realty Trust, and Crown American Hotels controlled the company's hospitality businesses. At its peak, Crown American operated 30 shopping malls, the Hess's department store chain (with 73 locations), and 20 hotels and motels.

In 2003 the shopping mall development and management unit, Crown American Realty Trust, was sold to Pennsylvania Real Estate Investment Trust. The hospitality unit, Crown American Hotels, was retained. In 2005, 22 of the company's 26 hotels were acquired by W2001 Eastern Hotel Realty, an affiliate of the Archon Group, which assumed responsibility for their management.

Frank Pasquerilla died from a stroke in 1999. His son, Mark E. Pasquerilla, serves as chairman of Crown American Hotels. Mark Pasquerilla joined the company in 1981 and was named president in 1990. He is a graduate of the University of Notre Dame, completed a master of science degree in international relations at the London School of Economics, and studied international affairs at the University of Cologne. Michael Barletta is president and chief executive officer.

List of Former Malls

At Crown American's peak in 1993, they owned 30 shopping malls. When they merged with PREIT in 2003, they owned 26 malls.

Companies Who Own Crown American Malls as of May 2016

  • PREIT - 9 Malls (Owned 26 Malls at the 2003 Merger)
  • Mason Asset Management/Namdar Realty Group - 6 Malls
  • City View Capital/CityView Commercial LLC - 2 Malls
  • Farallon Capital Management - 2 Malls
  • Kohan Retail Investment Group - 2 Malls
  • Unknown/No Published Information - 1 Malls
  • Closed and abandoned - 1 Mall
  • Empire Reality Investments - 1 Mall
  • Giant Food Stores - 1 Mall
  • Hull Storey Gibson - 1 Mall
  • JSMN International Inc. - 1 Mall
  • M&R Investors - 1 Mall
  • Nicholas Park Mall, LLC - 1 Mall
  • Paramount Developers - 1 Mall
  • Shane Morrison Companies - 1 Mall
  • References

    Crown American Wikipedia


    Similar Topics
    El Asadito
    Estela de Carlotto
    Gogu Neagoe
    Topics
     
    B
    i
    Link
    H2
    L