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Acquires Davidson Hotel Company from its Former Owner, Chick Hill |
| MEMPHIS, Tenn., May 10, 2006�Davidson Hotel Company, one of the nation�s
largest full-service, independent hotel operators, announced today that
its senior management team and Bridgepoint Hospitality, have acquired the
company from its former owner, Chick Hill, for an undisclosed amount.
The company owns and/or manages 25 upscale hotels with more than 7,500
rooms and 3,900 employees across the country.
Key partners and officers in the new organization are John A. Belden, president and CEO; Patrick F. Lupsha, chief operating officer; and Steven A. Margol, executive vice president-business development. Bridgepoint Hospitality, an investment vehicle formed specifically for hospitality management companies, is Davidson�s key institutional capital partner. Bridgepoint�s largest investors include Nationwide and New York Life, as well as high net worth individual investors. �As an owner/operator, Davidson has built an exceptional legacy over the last three decades, and is now the 12th largest independent hotel management company in the industry,� Belden said. �All of the senior management team will remain with the company, so the ownership change will be largely transparent to our hotel owners and guests. �We have strong relationships with a number of major institutional investors who seek to expand their portfolios and will work closely with them to identify acquisition opportunities in the upper three-star and four-star segments,� he added. �Because we also own hotels, we have a greater appreciation for what owners, especially institutional owners, want and need.� Belden noted that Davidson has a nationwide presence and operates a wide variety of upscale brands, primarily under the upscale Hilton, Embassy Suites, Doubletree, Marriott, Renaissance, Westin and Sheraton flags. The company and its institutional partners completed more than $500 million in transactions in 2005. �We have the organization, systems and people to take on a significant number of new properties and currently are evaluating our future growth strategies and will announce our expansion plans in the near future.� About Davidson Hotel Company Davidson Hotel Company is a full-service hospitality company providing management, development, acquisition, accounting and consulting expertise for the lodging industry. Founded in 1974 as Flautt and Mann Properties, the company initially grew through its management of small, mid-scale hotels located primarily in the Southeastern U.S. Throughout the 1980�s, Davidson began to acquire and develop larger and more sophisticated properties including business-class and beachfront resort properties throughout the region. In 1991, the company changed its name to Davidson Hotel Company and embarked on a truly impressive evolution. Throughout the 1990�s and into the present, Davidson has grown into a highly-focused, full-service operator in the upper 3-star and 4-star segments. Headquartered in Memphis, Tenn., Davidson Hotel Company is an award-winning, full-service hotel owner and third-party management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. The company currently owns and/or manages 25 upscale hotels with more than 7,500 rooms and 3,900 employees across the United States, including such brands as Hilton, Embassy Suites, Doubletree, Marriott, Renaissance, Westin, Sheraton, Radisson and Holiday Inn. Additional information on Davidson may be found at the company�s Web site, www.davidsonhotels.com. |
| Contact:
Cyndi Carl
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