A brief history of the company
In 1892, Washington, D.C. was a small Southern community of less than 30,000 people. Although it played host to the Federal government, Congress was in session only four or five months a year. When it adjourned, the city virtually shut down.
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| B. Francis Saul |
On December 1, 1892, B. Francis Saul opened the doors of the Saul Company. He was 19 years old. His father, John Saul, who had died a few years earlier, was a native of County Cork, Ireland, a distinguished horticulturist. At the request of Andrew Jackson Downing, the renowned Capital landscape architect, John Saul had left Ireland for Washington in May of 1851 to take over the planning and development of the Mall and other public areas in the emerging capital city. In 1854, John Saul became the first Chairman of Washington’s Parks commission, the forerunner of the Park and Planning Commission for the city.
For many years, John Saul maintained two botanical nurseries in Washington, D.C. By 1892, a young growing Washington, D.C. had reached the borders of these nurseries, and B.F. Saul founded his real estate business to facilitate their sale. Disposition of the land on a retail lot basis would bring higher prices than could otherwise be realized. To expedite the sales of lots, he took back notes from the buyers. His success in reselling these notes to the public was the beginning and indeed, the foundation for the growth of his firm as a mortgage bank. This practice continued, with the buying of land for the company and its clients and the subsequent sale to builders for development. B.F. Saul Company financed each stage of the transaction, in the process that was to be repeated many times over.
A mortgage banker at the turn of the century would often syndicate a $10,000 home mortgage by selling individual notes, ranging in value from $100 to $1,000 to the public. It was also the mortgage banker’s responsibility to make a secondary market in the notes he issued. The same technique was used for office and apartment financing, and numerous mortgage banks based on this principle sprang up in the city. The demand for credit was coupled with the plain fact that most commercial banks paid little or no interest on deposits in those days. In this dual role as fiduciary and lender, the mortgage banker fulfilled an important need.
Those mortgage bankers who were sound and well-capitalized flourished during the early decades of the 20th century. Many of them, like B.F. Saul Company, developed expertise in property management, leasing, development, insurance and related activities. The Crash of 1929 and the ensuing Depression took a heavy toll on both commercial banks and mortgage bankers, and many did not survive. During this turmoil, B.F. Saul was not only in a sound financial position but was by far the largest company of its kind in Washington.
Franklin Roosevelt and the New Deal brought vast changes in the method of real estate financing and investment. Government support for the market took the form of Federal Housing Administration (FHA) and Veterans Administration (VA) financing. Federal savings and loans flourished, and large insurance companies began to dominate the marketplace. Over the last half century, the complexity of real estate as a business and as an investment opportunity has continued to increase.
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| Chevy Chase Bank |
After the B.F. Saul Company became well established in the community, B.F. Saul, at the age of 27, founded the Home Savings Bank, which rapidly became the leading retail bank in the City. In 1919, he merged it with the American Security and Trust Company. In 1969 B.F. Saul II founded Chevy Chase Bank. Today, Chevy Chase Bank has assets of 14 billion and is the area’s largest bank.
Today the B.F. Saul Company concentrates on the ownership, development and construction of real estate. It also has large property management, leasing and insurance departments.
The Saul Company has a large hotel division, which owns and manages 17 hotels with 3,384 rooms. The Saul Company owns and manages a portfolio of 12 office buildings, comprising over 3 million square feet. It also has an office park division consisting of five office parks with over 1.1 million square feet. The largest division of the Saul Company is its shopping center group consisting of 31 shopping centers with 5.2 million square feet. The Saul Company is also an owner and developer of apartments. It owns land designated for approximately 2,500 apartments to be developed in the future.
In the early 1990's the Saul Company started Saul Centers, a New York Stock Exchange listed REIT, which invests primarily in shopping centers and commercial buildings. It is considered one of the most successful REITs of its kind in the country.
The B.F. Saul Company continues today with the third and fourth generation of the family involved in leading the company; using the same fundamental values of its founder, concentrating on conservative business practices, the highest ethical standards and forward looking management. Today the B.F. Saul Company has an outstanding young management team which ensures the future of this 111 years old company.
The Hotel Division
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Courtyard Tyson's Corner
McLean, Virginia |
The Hotel Division was formed within the B. F. Saul Company in 1976 to manage an expanding portfolio of hospitality assets. Now in our third decade, the hotel group has developed specific expertise and depth in the disciplines critical to success in the hospitality industry. We operate business class hotels that are located in the Washington DC area, Michigan, and Florida. Continuous growth and development are specific objectives of the Hotel Division and the B. F. Saul Company. New assets are developed and acquired with the focus on long term success and strategic fit within the portfolio.
The Hotel Division corporate staff has been organized to provide support to the individual hotels and the important disciplines within them. Experienced professionals are employed to focus on the following crucial areas:
| Operational Quality |
Sales and Marketing |
E-Commerce Information Technology |
| Accounting and Financial Controls |
Food and Beverage |
Human Resources |
| Renovations and Capital Improvements |
Purchasing and Procurement |
Training and Development |
Click here to learn about the individuals that make up the corporate team of the B. F. Saul Company Hotel Division.
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