Crown American
Encyclopedia
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
.http://www.flickr.com/photos/walkthetown/4292252661/
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. 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 28 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
.
Commercial property
The term commercial property refers to buildings or land intended to generate a profit, either from capital gain or rental income.-Definition:...
real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
. The corporate headquarters is in downtown Johnstown, Pennsylvania
Johnstown, Pennsylvania
Johnstown is a city in Cambria County, Pennsylvania, United States, west-southwest of Altoona, Pennsylvania and east of Pittsburgh. The population was 20,978 at the 2010 census. It is the principal city of the Johnstown, Pennsylvania, Metropolitan Statistical Area, which includes Cambria County...
, in a building designed by architect Michael Graves
Michael Graves
Michael Graves is an American architect. Identified as one of The New York Five, Graves has become a household name with his designs for domestic products sold at Target stores in the United States....
.http://www.flickr.com/photos/walkthetown/4292252661/
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. In 1993, the company split into two entities. The shopping mall
Shopping mall
A shopping mall, shopping centre, shopping arcade, shopping precinct or simply mall is one or more buildings forming a complex of shops representing merchandisers, with interconnecting walkways enabling visitors to easily walk from unit to unit, along with a parking area — a modern, indoor version...
portion of the company became a publicly held real estate investment trust
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
, Crown American Realty Trust, and Crown American Hotels controlled the company's hospitality businesses. At its peak, Crown American operated 28 shopping malls, the Hess's
Hess's
Hess's was a department store chain based in Allentown, Lehigh County, Pennsylvania in the United States.- History :The department store known as Hess Brothers was founded on February 19, 1897, by Charles and Max Hess. Max Hess came to Allentown in 1896 on a business trip and envisioned a...
department store
Department store
A department store is a retail establishment which satisfies a wide range of the consumer's personal and residential durable goods product needs; and at the same time offering the consumer a choice of multiple merchandise lines, at variable price points, in all product categories...
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
Pennsylvania Real Estate Investment Trust
The Pennsylvania Real Estate Investment Trust is one of the first publicly traded real estate investment trusts, established in 1960 by Sylvan M. Cohen .The PREIT corporate offices are located in Philadelphia, Pennsylvania...
. 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
University of Notre Dame
The University of Notre Dame du Lac is a Catholic research university located in Notre Dame, an unincorporated community north of the city of South Bend, in St. Joseph County, Indiana, United States...
, completed a master of science
Master's degree
A master's is an academic degree granted to individuals who have undergone study demonstrating a mastery or high-order overview of a specific field of study or area of professional practice...
degree in international relations at the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
, and studied international affairs at the University of Cologne
University of Cologne
The University of Cologne is one of the oldest universities in Europe and, with over 44,000 students, one of the largest universities in Germany. The university is part of the Deutsche Forschungsgemeinschaft, an association of Germany's leading research universities...
. Michael Barletta is president and chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
.