Prism Hotels & Resorts Reflags Historic
Downtown Richmond, Virginia
Hotel Into Doubletree; $8.9 million in Renovations Completed
June 20, 2007 - Dallas-based Prism Hotels & Resorts has reflagged the
former Radisson Hotel Historic Richmond into the Doubletree Hotel Richmond
Downtown, introducing the first Hilton brand hotel to downtown Richmond.
E2M Partners, a private equity firm which specializes in real estate investments
on behalf of individual and institutional investors, provided the equity
capital for this transaction.
As part of the reflagging, Prism Hotels & Resorts recently completed
an $8.9 million renovation of the 230-room, 16-floor hotel, including updated
guest rooms, a new exterior shell with a circular valet drive, a new lobby
restaurant and bar complete with high-definition flat screen TVs, a coffee
bar, new gift shop, a rooftop pool and a fitness center featuring Precor
"Downtown Richmond is in the midst of a huge urban revitalization,
and we wanted this hotel to be reflective of this change," said Steve Van,
president and CEO of Prism Hotels & Resorts. "Our vision was to make
the Doubletree Hotel Richmond Downtown a modern and luxurious destination
for both business and leisure travelers, yet still retain its historical
feel and Southern hospitality."
The hotel is located at 301 West Franklin Street in downtown Richmond,
in the heart of historic Richmond's business and financial district and
within walking distance of the Commonwealth of Virginia Capitol building,
federal offices, the Center for the Performing Arts and the recently expanded
Richmond Convention Center.
Each guest room combines classic comfort with modern elegance, featuring
ergonomic chairs, MP3 clock radios, complimentary wireless
high-speed internet access and the signature Sweet Dreams(R) by Doubletree
bedding experience. Granite countertops, cherry vanities and chrome fixtures
adorn each bathroom. The hotel also has more than 7,770 square feet of
technologically-advanced conference and meeting space.
The Doubletree Hotel Richmond Downtown is one of seven Hilton branded
hotels managed by Prism Hotel and Resorts, including the Embassy Suites
Boston Logan, Hilton San Francisco Financial District, Hilton Baton Rouge
Capital Center, Doubletree Memphis Downtown, Doubletree Wilmington -- Legal
District and the Doubletree Columbus/Worthington, Ohio.
About Prism Hotels & Resorts
Dallas-based Prism Hotels & Resorts is one of the fastest growing
full- service hotel investment, management and development companies in
the United States. The company currently manages more than 5,000 rooms
for multiple owners in the 11 states and the Caribbean. For more information,
please visit http://www.prismhotels.com.
About E2M Partners
E2M Partners is a private equity firm which specializes in real estate
investments on behalf of individual and institutional investors. Since
1992, the firm has invested in major U.S. markets and has a wide range
of real estate experience in the development of hotel, residential, retail,
mixed-use, industrial, office and multi-family assets. More information
is available at http://www.e2mpartners.com.