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 Diamond Group and Apollo Property Partners Building 122-room Staybridge Suites by Holiday Inn in the
West Houston-Energy Corridor

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HOUSTON, Texas, November 10, 2004 — Partners in a new joint-venture (JV) group today announced that they have broken ground on a new 122-room Staybridge Suites by Holiday Inn in the West Houston-Energy Corridor.  The hotel is being co-developed by the Diamond Group and Apollo Property Partners.  The hotel will be managed by Dellisart Lodging Hospitality Management, a division of Dellisart Lodging.  The property is scheduled to open in late spring 2005.

“The Houston Energy Corridor historically has been a vibrant marketplace, boasting some of the largest multi-national energy companies headquartered in the U.S.,” said Rob Rubin, of the Diamond Group, the venture’s general partner.  “We believe this hotel will serve the needs of these companies, with an upscale extended stay hotel product, and quickly assume a leadership role in its market.”

Located at 1215 Eldridge Parkway in the heart of Houston’s “Energy Corridor,” the three-story hotel is surrounded by a number of business parks: Westlake, Enclave, Park 10 and the Conoco and Shell campuses.  Many major multinational corporations ’headquarters are located in the immediate area, including Sysco Foods, Citgo and British Petroleum. 

“The Houston Energy Corridor market is under-served in the extended-stay hotel segment, which targets guests who stay for an average of five-plus nights,” said Douglas E. Artusio, Dellisart founder, president and CEO.  “This type of hotel is ideal for this market, considering the number of international business travelers coming to the area and a variety of on-going training classes hosted by some of the larger local companies.” 

Staybridge feature upscale, all-suite accommodations.  Hotel amenities include high speed Internet access, 24-hour business centers, complimentary breakfast and evening reception, outdoor courtyard with pool and BBQ area, fitness center and library with books, board games and television.  Suites have separate living and work areas with two-line speaker telephones and personalized voice mail, as well as fully equipped kitchens.

The JV development group is comprised of:

  • The Diamond Group, headquartered in Northbrook, Ill., is a diverse investment group with numerous financial services and real estate holdings.
  • Apollo Property Partners has owned & developed numerous commercial properties in the Houston Energy and Galleria areas.  With offices in Houston and New Orleans, the company is owned by long time Houston Developer - Prieur Leary.
  • Dellisart Lodging, an Atlanta based hospitality company, is an owner, acquirer, manager and developer of nationally branded, quality hotels throughout the United States.  The company currently has ownership in and manages two Staybridge Suites and is developing four additional properties aggregating 508 guest rooms and suites in five states, under such well-known brands as Staybridge Suites and Wingate Inn.  Dellisart has focused initially on the extended-stay segment based on the superior cash flow and returns in the segment. 
The land for the hotel was purchased from Parkway Investments.  The JV was represented by Stan Creech Properties, Inc.  The project team consists of the architectural firm of Mitchell Carlson Stone, Inc., and Lyda/Swinterton Builders.

InterContinental Hotels Group® Staybridge Suites® brand entered the extended-stay market in December 1998 when its flagship location in Alpharetta, Georgia, opened. Currently, there are 77 Staybridge Suites hotels open in the United States and Canada.


 
Contact:

InterContinental Hotels Group
www.ichotelsgroup.com

Also See: At Midyear, InterContinental Hotels Group has Signed 255 Franchise Agreements for New Developments and License Renewals in the Americas / September 2004
InterContinental Hotels Offering Current and Prospective Franchisees a Multi-brand Marketing Platform / January 2004


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