Hilton Atlanta Northeast; Plans to Undergo Multi-million
Dollar Renovation Upgrade
SEATTLE, Wash. – August 24, 2005 -- The Dow Hotel Company, LLC (DHC), a hotel ownership investment and management company, today announced that it has purchased the 272-room Hilton Atlanta Northeast in a joint venture with AEW Partners V, L.P., a real estate opportunity fund managed by AEW Capital Management, L.P. DHC, which previously operated the hotel, will continue to manage the property under a long-term agreement.
Located at 5993 Peachtree Industrial Blvd., in Norcross, an Atlanta suburb, the hotel will undergo a several million dollar renovation and upgrade program and remain under the Hilton brand. With more than 22,000 square feet of meeting space, the hotel offers the largest meeting facilities in Gwinnett County.
“While many of our recent acquisitions have been on the West Coast, we operate nationally and pursue opportunities throughout the U.S.,” said Murray L. Dow II, DHC founder and president. “We have managed this property for more than three years and seized the opportunity to team up with AEW for the first time. The hotel is a great fit for our company’s portfolio, with extensive meeting space, a great location and considerable upside potential. The Hilton presents a commanding presence on a hilltop in Norcross and truly stands above all of the other hotels in the marketplace both physically and figuratively.”
“This property is a great addition to our growing portfolio, and we look forward to a long, prosperous relationship with The Dow Hotel Company,” said Jim Luchars, vice president of AEW Capital Management, L.P.
"We look forward to this venture with AEW as an opportunity to be the first of many,” added Mark J. Rosinsky, sr. vice president – Hotel Investments with the Dow Hotel Company. “We have been impressed every step of the way with their speed, capability and flexibility in completing such a complex transaction.”
AEW provides investment advisory services to investors worldwide, and its clients include many of the world’s leading private and public retirement programs, foundations, endowments and private investors. AEW and its affiliates currently manage approximately $21 billion of capital, which is invested in over $29 billion of real estate and securities in North America and Europe. AEW has offices in Boston, Los Angeles, Paris, London, Barcelona, Milan, Stockholm, Luxembourg, Warsaw, Budapest and Prague.
The Dow Hotel Company, headquartered in Seattle, is a hotel owner/investor and operator of 10 first-class, full-service hotels throughout the United States. The company's portfolio of owned and managed properties is comprised of institutional grade hotels, under such brands as Marriott, Hilton, Embassy Suites, Sheraton, Crowne Plaza, and Doubletree. The addition of the Hilton Atlanta Northeast hotel is the second purchase by The Dow Hotel Company in the past two months, having recently acquired the Doubletree Hotel in the Seattle suburb of Bellevue, which will be converted to a Hilton in the first quarter of 2006 after a substantial renovation. The company aggressively seeks to acquire, and/or manage mid- to large-size, institutional grade, full service hotels, especially those that have extensive food and beverage capabilities.
The Dow Hotel Company
|Also See:||Dow Hotel Company Purchases the 353-Room Doubletree Bellevue Hotel for Approximately $48.5 million; Plans Renovation and Conversion to Hilton Brand / June 2005|
|Hilton Atlanta Northeast Now Under Management of Dow Hotel Company; Ernie Catanzaro Named General Manager / July 2002|