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to Operate the 420 room Sheraton North Houston |
HOUSTON, Texas/SEATTLE, Wash., June 10, 2003
� The Dow Hotel Company (DHC), a hotel owner/investor and management company,
today announced that it has been selected to manage the 420-room Sheraton
North Houston Hotel at George Bush Intercontinental Airport. The
hotel, which is owned by New Jersey-based Prudential Real Estate Investors
(PREI), will undergo a $1 million renovation, including installation of
DHC�s well received restaurant concept, Basil�s Kitchen.
�We also are interested in joint venturing with other investors or buying outright for our own account,� Dow commented. �We are seeing some individual properties and smaller portfolios coming to market but transaction volume remains far below normal. We think that finding a good, attractively priced hotel with upside potential requires careful, savvy shopping in today�s economic environment.� Located at 15700 JFK Boulevard in Houston, the Sheraton North Houston will immediately undergo an approximate $1 million renovation. The highlights of the upgrade will be installation of Sheraton�s �Sweet Sleeper� bed in all guest rooms and introduction of the new restaurant concept. The hotel will be the fifth to install Basil�s Kitchen, a casual but sophisticated restaurant concept pioneered by DHC. �We are seeing as much as a 40 percent increase in food and beverage revenues after a hotel has converted to this concept, a clear indication that Basil�s Kitchen is a hit with diners around the country.� The 109-seat restaurant will feature a Mediterranean-style menu with freshly cooked-pasta dishes and Caesar salad prepared tableside. Basil�s Kitchen, located in the hotel�s lobby, will open in September of this year. The Dow Hotel Company, headquartered in Seattle, is a hotel owner/investor and operator of hotels. The company�s portfolio of owned and managed properties is comprised of institutional grade hotels, under such brands as Radisson, Embassy Suites, Hilton, Sheraton, Doubletree and Clarion. The company aggressively seeks to acquire or co-invest with joint venture partners in mid- to large-size, institutional-grade, full-service hotels, especially those that have extensive food and beverage capabilities. |
Contact:
Murray Dow
Dow Hotel Company (206) 575-3600 www.dowhotelco.com |