News for the Hospitality Executive
NEW YORK (June 3, 2013) - AWH Partners, LLC -- a privately held real estate investment, development and management firm -- announced today the note acquisition and planned renovation of three hotels for an undisclosed amount. The premium-branded portfolio was purchased from Lane Hotels and includes, DoubleTree by Hilton Hotel Annapolis, Hilton Grand Rapids Airport and Courtyard Durham Near Duke University/Downtown. A significant step in the acquisition and restructuring of Spire Hospitality, formerly Lane Hospitality, acquiring the debt was accomplished quickly and smoothly, closing only six days after entering into an agreement to purchase the portfolio.
“After considerable analysis, we were pleased to close this deal rapidly, working consensually with Hilton and Marriott, as well as the current hotels’ owner to take control and invest considerable capital with tremendous confidence,” said Jonathan Rosenfeld, principal of AWH Partners.
“This transaction marks a real success, not only for AWH, but for Lane’s historical ownership, Spire Hospitality and the lender,” adds Russ Flicker, principal of AWH Partners. “This type of deal highlights how fast we [AWH Partners] can move across markets and product types, given the right opportunity.”
Led by its in-house development team, AWH Partners will conduct extensive renovations on the legacy assets. Spire Hospitality, a subsidiary of AWH Partners, will continue to manage the full service hotels and select service hotel, as well as the dining outlets.
DoubleTree by Hilton Hotel Annapolis
Presenting 12,000 sq. ft. of meeting space, perfect for groups of four to 400, with a dedicated meetings coordinator and an award-winning chef, DoubleTree by Hilton Hotel Annapolis shares Ports of Call Restaurant & Lounge and a 24-hour, Chesapeake Bay Café. The 219 guestrooms are complete with Sweet Dreams® bedding, free high-speed internet and ergonomic desk chairs, while suites include a king-sized bed, larger seating area with sofa bed, a kitchenette and upgraded bathrooms with a whirlpool tub and glass shower. “Our planned renovation will ensure that this hotel product, location and brand affiliation will continue to outperform in the long term,” said Rosenfeld.
Hilton Grand Rapids Airport
Conveniently located near Gerald R. Ford International Airport, Hilton Grand Rapids Airport provides 224 well-appointed guestrooms and suites with complimentary high speed internet and Spinnaker Restaurant & Lounge. Offering more than 7,500 sq. ft. of meetings space, 24-hour business center, a complete fitness center and large indoor pool and Jacuzzi, Hilton Grand Rapids Airport offers shuttle service to and from the airport, creating an ideal location for business travelers, meeting groups and leisure travelers. Rosenfeld states, “This hotel maintains 144 percent market share on a 12-month basis.”
Courtyard Durham Near Duke University/Downtown
With its new, refreshing lobby and public spaces, the 146-room Courtyard Durham Near Duke University/Downtown is designed to provide guests with superior comfort and productivity. Boasting two meeting rooms, a new Bistro, which serves fresh, made-to-order menu items for breakfast and dinner with Starbucks® available 24 hours a day, Courtyard Durham Near Duke University/Downtown presents the first choice for corporate transient, small group and leisure transient customers. “With the Marriott brand strength and enhanced quality product, this Courtyard continues to be a market leader,” adds Rosenfeld.
AWH Partners, LLC is a privately held real estate investment, development and management firm formed in partnership between Winston Harton Holdings, LLC and August Group Ventures, LLC. For more information on AWH Partners and a full list of hotels and real estate assets, please visit www.awhpartners.com.
About AWH Partners, LLC
AWH Partners, LLC (“AWH”) was formed by alumni from Blackstone and Related to invest in, develop and manage various hospitality-related ventures. Since 2009, AWH and its principals have completed in excess of $150 million of hotel investments, and have managed hotel redevelopment projects totaling more than $50 million. In early 2012, AWH acquired Lane Hospitality, a top-tier national hospitality platform formed in 1980, to expand AWH’s capabilities in the hospitality sector by aligning its institutional investment expertise with Lane’s first class operating platform and industry-leading executive team. In May of 2013, AWH rebranded Lane: Spire Hospitality. For more information, visit www.awhpartners.com.
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