An operating affiliate of Regency will continue to operate the historic property under a long-term franchise contract with Radisson. Milestone and Regency will renovate the property with capital expenditures in excess of $600,000 (or $4,600 per room).
 

The Hotel Roberts, located in downtown Muncie, opened in 1921 and is now listed on the National Register of Historic Places. In 1987 the hotel under the direction of a public/private partnership underwent a $9.0 million renovation which included completely restoring the hotel, building 77 additional guestrooms and adding an indoor pool. The property�s 130-rooms include 29 suites. Additionally, the hotel has approximately 10,000 square feet of meeting space. The Radisson Hotel Roberts is the only full service hotel in Muncie.

Originally constructed in 1921, Hotel Roberts  has played a central role in Muncie's history  and is listed in the National Register of Historic Places.

�We are delighted with the addition of the Radisson Hotel Roberts to our growing portfolio of hotel assets,� said Jasen Mark, Vice President Acquisitions of Milestone Hotel Investments, Inc. �Combined with our previously announced purchase of the Clubhouse/Wyndham portfolio, from Wyndham International, we have now acquired over 2,000 hotel rooms this year.�

Milestone Hotel Investments, Inc., a Minneapolis, Minnesota-based company, was formed in 1987 to identify, analyze, structure, and arrange equity financing for investment opportunities in hotel real estate. Milestone�s hotel portfolio now consists of 37 hotels with over 5,600 rooms.

Regency Hotel Management, Inc. is a wholly-owned subsidiary of the Ramkota Companies, a privately held, Sioux Falls, South Dakota-based hotel owner and operator. Through its affiliates Ramkota now owns and operates 63 hotels consisting of over 8,100 rooms.

Over the past fourteen years, Milestone and Regency have jointly acquired 40 hotels. The current Milestone/Regency portfolio consists of 37 hotels with an estimated value of over $330 million.