B. F. Saul Company was founded in 1892 and 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 19 business class hotels with 3,437 rooms. In addition the company owns The Hay-Adams, which is recognized as one of The Leading Hotels of the World. The Saul Company owns and manages a portfolio of office buildings, office parks, shopping centers and apartments. 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.