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| Dallas,
Texas (November, 2010) — In
two separate joint ventures, affiliates of Aimbridge Hospitality have
acquired
the Sheraton Metairie and the Sheraton Jacksonville. Dallas-based
Aimbridge
Hospitality, one of the nation’s leading independent hotel investment
and
management firms, will serve as manager for both hotels.
The Sheraton Metairie New Orleans Hotel was purchased in a joint venture with HighRoads Hospitality, a Songy Partners entity, and Argonaut Private Equity. The 181-room hotel features 5,349 square feet of meeting space and is located in the heart of Metairie's upscale business district and is centrally located between Louis Armstrong International Airport, downtown New Orleans and the famous French Quarter and Garden District. The Sheraton Jacksonville Hotel, which opened in 2008, was purchased in a separate joint venture with Aimbridge and Argonaut Private Equity. The 159-room hotel is located in the lively Deerwood Park area of southeast Jacksonville, Florida and is just minutes away from the Jacksonville beaches, the Avenues Shopping Mall, the University of North Florida and the new St. Johns Town Center Mall. According to Dave Johnson, President and CEO of Aimbridge Hospitality, both hotels will continue operating under the Sheraton brand, with extensive renovations planned for Sheraton Metairie. “We see great opportunity with these acquisitions,” Johnson added, “and believe we can substantially increase the value of both assets through top-line revenue growth, aggressive profit strategies and well planned capital investments.” “We are pleased that Aimbridge Hospitality has chosen to expand their hotel portfolio by investing in, and substantially upgrading, two great Sheraton hotel products,” said Paul Sacco, Senior Vice President of Development of Starwood. “Both hotels are well located in their respective markets and offer popular Sheraton amenities such as Sheraton Sweet Sleeper™ beds, in-room Starbucks Coffee® and 24-hour fully equipped fitness centers.” “Aimbridge continues to pursue an aggressive track record of growing its portfolio of hotels while bringing additional value to its investors.” said Todd Nocerini, President of HighRoads Hospitality. “They have done an outstanding job with our projects in other markets and we have tremendous confidence that they will do the same at these assets as well.” For more information, please visit the company’s Web site at www.aimbridgehospitality.com . About Aimbridge Hospitality Aimbridge Hospitality is one of the nation’s leading independent hotel investment and management firms with a proven track record for delivering superior returns for its strategic partners in a variety of markets and economic cycles. Aimbridge provides management, asset management, development, renovation and consulting services. Based in Dallas, Texas, Aimbridge currently owns and/or manages over 60 upscale, independent and branded hotels with nearly 11,000 rooms across the United States and the Caribbean, including such affiliations as Marriott, Hilton, Embassy Suites, DoubleTree, Hilton Garden Inn, Hampton Inn & Suites, Aloft, Hyatt, Wyndham and the Phoenix Inn Suites chain of hotels. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com. About Argonaut Private Equity Argonaut Private Equity is a diversified global private equity fund. With more than $3.5 billion under management provided by a single entrepreneur, Argonaut exercises wide discretion on investment size, stage, sector and geography. Because of its focused ownership and management, Argonaut can make quick decisions without fund restrictions on subsequent investments or exit timing. Its equity investments span such diverse industries as consumer electronics, energy, specialty materials, telecommunications, drug discovery and delivery, medical devices, aviation, healthcare services and real estate. Argonaut’s portfolio includes investments in the United States, China, Israel, India, Japan, Eastern Europe and Australia. About HighRoads Hospitality LLC HighRoads Hospitality LLC is a hotel oriented real estate firm based in Atlanta, with projects in Atlanta, Chicago, Houston, Boca Raton, and Dallas. The partnership was formed to acquire, renovate and develop institutional quality hotel projects throughout the Southeastern United States. |
| Media
Contact: Jenna Tuttle MCA Public Relations 214.716.0103 [email protected] |