Radisson Memphis Hotel
$8 Million Renovation of the Hotel to Begin Immediately;
Patrick Jordan Named GM
Harbinger of More Deals to Come in 2005
Dallas, TX (December 14, 2004) - Prism Hotels, regarded as one of the savviest investors and managers in the hotel industry, announced that it has acquired the 280-room Radisson Memphis Hotel in Memphis, Tennessee, and plans an $8 million renovation of the property.
The transaction is the first acquisition for Prism in more than five years, and according to CEO Steve Van signals the beginning of a period of additional purchases, strategic investments and joint ventures. The acquisition was made in partnership with 2M Real Estate Partners, Ltd., and Eiger Fund I, L.P., both of Dallas, and included acquisition and construction financing from Texans Commercial Capital, LLC.
Steve Van, CEO of Prism, said, “We are excited about this purchase, which reflects a seminal shift in our thinking about the hotel market and investment possibilities going forward.” He added, “We are in discussions intended to produce additional acquisition opportunities, small scale and large – and as always, are focused on unique situations that promise significant growth as well as exceptional returns on invested capital.”
The renovation of the Memphis Radisson will include the hotel lobby, meeting space, guest rooms and the adjacent TGI Friday’s restaurant. It will begin immediately, and conclude by the end of 2005.
Van called the hotel “an unpolished gem in the heart of one of the most exciting cities in the country,” adding that “we are delighted to have the chance to elevate the hotel into one of the finest full-service offerings in the downtown area.”
Prism also announced that it has appointed Patrick Jordan as the hotel’s general manager. Jordan brings more than fifteen years of management experience in the hotel industry, with national companies such as Prism and Bristol Hotels and Resorts. His unique background includes developing a reputation as a manager of large-property renovation and re-branding projects at nationally-known hotels; positions as General Manager at the Crowne Plaza Meadowlands in New Jersey, and the Holiday Inn University in Olive Branch, Mississippi; and diverse management experiences including Director of Operations for the Dallas Museum of Fine Arts and owner/Operator of the Diamondhead Yacht Club, in Diamondhead, Mississippi.
About the Memphis Radisson
About Prism Hotels
About Eiger Fund I, L.P.
About 2M Real Estate Partners, Ltd.
E2M Partners LLC
Michael G. Frenkel
M Frenkel Communications, Inc.
|Also See||Prism Hotels Conference Takes Hotel Servicers 'Fishing for Solutions' / April 2003|
|Prism Hotels of Dallas Sells the 355-room Sheraton Capital Center - Raleigh for Approximately $21.4 million / March 2003|