MEMPHIS, Tenn., Jan. 8, 1998 - Wilton D. "Chick" Hill, president
of Davidson Hotel Company, and
Prudential Real Estate Investors (PREI) have teamed together for their 12th joint venture by purchasing the
Radisson Hotel Conference Center in Albuquerque, New Mexico.
PREI's investment was made on behalf of a single client pension fund account.
The property will receive a comprehensive renovation which will enhance
the general aesthetics of the building,
redesign the commercial and public spaces, and upgrade the guest rooms. The property operated as a Four
Seasons until it was converted to a Radisson in 1996.
The Radisson is located on Carlisle Boulevard one mile east of the intersection
of I-40 and I-25, providing easy
access to many areas of interest in and around Albuquerque. The city's downtown area, financial district, airport,
popular shopping centers, and the University of New Mexico are all within approximately five miles. The North
Valley area, which is currently undergoing significant restaurant, office, and retail development, is also nearby.
The area is home to the Balloon Fiesta Park which hosts the annual Kodak International Balloon Fiesta, the
largest and most photographed event in the world.
Davidson Hotel Company will assume management of the property which
includes the 366-room hotel, a
restaurant lobby lounge, atrium, indoor and outdoor pools, and a whirlpool. It also has over 24,000 square feet of
meeting space and a 7,100 square foot ballroom.
"We're very pleased to acquire a property that's in such an ideal location,"
Hill said. "The Radisson is not only in
close proximity to major points of attraction in Albuquerque, it's in a part of the country that is experiencing
He added, "The Property also has a wonderful history. We look forward
to bringing the Radisson back to
prominence as one of the city's finest hotels, with all of the services and amenities that today's guests expect."
PREI Managing Director and Senior Portfolio Manager Joel Stoesser said, "This property represented a terrific
investment opportunity for us on behalf of our client. Chick Hill and Davidson Hotel Company have a proven
track record of identifying strong potential in properties across the country. I'm confident that the Radisson Hotel
in Albuquerque will greatly benefit from Davidson's superior management and will soon become the latest of
many success stories that we've shared."
Davidson Hotel Company, headquartered in Memphis, Tennessee, currently
owns or manages 29 hotels across
the United States. Its award-winning portfolio of properties includes franchise operations with Hilton, Embassy
Suites, Marriott, Omni, Holiday Inn, Sheraton, and Crowne Plaza.
PREI, headquartered in Parsippany, N.J., is one of the nation's leading
real estate investment advisors. The firm
and its affiliates manage over $8 billion for more than 400 clients around the world.