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HRI Properties Obtains City of Meridian, Mississippi Guarantee of $14 million of $55 million
 Project to Convert the Historic Threefoot Building into a 125 room Courtyard by Marriott

The Meridian Star, Miss.McClatchy-Tribune Regional News

March 31, 2009 - Marriott International has approved the franchise application of New Orleans, La. developer Historic Restorations, Inc. to convert the historic Threefoot Building in downtown Meridian into a 125-room Courtyard by Marriott.

After a long controversy, the City of Meridian approved a proposal by HRI to renovate the building in January. The city will guarantee $14 million of the $55 million project. The Threefoot is a 15 story art deco building constructed in the 1920's. It has been virtually abandoned for decades.

HRI will renovate the existing building, and construct a new annex building for "back of house" hotel functions. To make room for the hotel, the nearby bank branch and defunct parking garage will be demolished.

HRI specializes in renovating historic urban buildings that have been abandoned. Their work includes the restoration of the King Edward hotel building in Jackson and much of the warehouse district in New Orleans.

Courtyard by Marriott is a mid-scale hotel chain offering amenities such as flat screen TV's in guest rooms and a "24/7 market" offering salads, fresh fruit, and the like. The Threefoot Courtyard by Marriott will charge an estimated $140 per room night.

The franchise agreement must be executed within 90 days and the renovations completed as per the approved design plans before the hotel is opened to customers. Exterior renovations are scheduled to begin in June.

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To see more of The Meridian Star or to subscribe to the newspaper, go to http://www.meridianstar.com.

Copyright (c) 2009, The Meridian Star, Miss.

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