Penn Waste, Inc.
Scott Wagner, President
I am pleased to recommend to any potential investor Springwood Development.   Springwood’s Homewood Suites by Hilton, located in York, Pennsylvania, opened in December of 2008, a few months after the great recession began.  This hotel since opening has consistently dominated the local hotel market.  Springwood has issued distribution checks from project cash flow every year, starting in the very first year of operations.  I am an investor in several other hotels.  Springwood’s culture, professionalism, and investor-first mentality demonstrate a dramatic and refreshing difference from my other hotel investment experience.
Fulton Financial Corporation
Jeff Peeling, Senior Vice President – Finance
Fulton is investing more than $5 million in its first Springwood project, which has just opened for occupancy.  Even before construction started, Springwood negotiated with the project’s lenders and found a way to defer Fulton’s equity infusions six months beyond the dates required under the partnership agreement.  Assuming all other aspects of the project proceed as projected, this decisive action, on our behalf, will significantly improve our IRR. Springwood cares about its investors’ financial return, and we are very pleased with the relationship to date.
Boston Financial Investment Management
Steve Napolitano – Senior Vice President
We have placed more than $24 million of equity in a total of seven Springwood developments over the past 14 years.  Springwood understands what drives our clients’ returns and strives to optimize them.  Their reporting is timely, complete and accurate, and their development and management teams have time and again met proforma expectations and lived up to their partnership obligations.  In all of our dealings with them, they have consistently handled themselves with professionalism and integrity.  We look forward to working with Springwood again on their next project.  They are simply one of the best developers/managers in our business.
GGS Information Services, Inc.
Paul Kilker, CEO
Springwood Hospitality LLC delivers a high quality hospitality product that is planned and designed to dominate its market segment.  We consistently place our out-of-town visitors in their Homewood Suites, York, Pennsylvania, because Springwood’s management team cares for their guests and consistently provides a warm, inviting stay.  As a commercial account, that pleases us.  We are also investors in the property, and I believe their team’s commitment and professionalism will drive the returns we are looking for.  The Springwood team and their early results at the Homewood have already led us to invest with them in their next hotel.
Presbyterian Senior Living
Jeff Davis – CFO
We are partnering with Springwood for the first time on the development and operation of a $16 million, 96-unit apartment complex for seniors.  The project has just opened and is filling up ahead of plan.  Springwood’s team has been cooperative, forthcoming and timely throughout project development and lease-up.  In all of our dealings with them they have exhibited the highest degree of integrity and strive for excellence in all facets of what they do. We rarely joint venture, but we are already talking with them about doing another project together.  Springwood has one of the most professional teams in the business, and they have a culture that we can embrace to help us expand our footprint in the mid-Atlantic regions.
John F. Wagman and Family
Our family has invested in all four Springwood Hotel projects so far.  We learned a long time ago that we do business with people, and the Springwood team has some of the best in the business.  We’ve been with them through up and down economies.  Springwood cares equally for their guests and for their investors, and they consistently strive for operational excellence. Springwood has earned our trust, and their commitment and professionalism keep us coming back.