| Houston, Texas � December 15, 2004 � Tandy O. Lofland, president and
founder of Intergroup Realty, Inc. and the Intergroup companies represented
the purchaser, an affiliate of J. Herzog & Sons, Inc., in the recent
acquisition of the 317-room Hilton Knoxville in downtown Knoxville, Tennessee.
The seller, The Hotel Group Opportunity Fund I, a private-equity fund,
was represented by Joe Strain of Hotel Realty Advisors.
The Knoxville Hilton marks the latest Intergroup transaction. Other projects involving the firm include the Radisson Resort Parkway, the Four Seasons Buenos Aires, Argentina and the Four Seasons Resort Carmelo, Uruguay. About Intergroup: Intergroup, formed in 1980, provides transaction and development services for hospitality and commercial properties in the U.S., Europe, the Caribbean and Latin America, with an emphasis on full-service, first-class hotels, resorts, and mixed-use developments. Company experience includes development, marketing, and management of The Parkway, a 195-acre mixed-use development next to Walt Disney World in Orlando, and transactions or projects involving such hotel brands as Four Seasons, Hilton, Sheraton, Holiday Inn, Crowne Plaza, Radisson, Hyatt, Homewood Suites, and Hampton Inn. Significant transactions include the recent sale of the 718-room Radisson Resort Parkway; rebranding of the Four Seasons Hotel Buenos Aires, Argentina and Four Seasons Resort Carmelo, Uruguay; and establishment of a joint venture for the development of a new 200-room Hilton Garden Inn near San Diego, CA. |
The
full-service, 18-story hotel has 14,000 square feet of meeting and banquet
space, restaurant, lounge, and numerous other features and amenities, and
will be managed by Richfield Hospitality. An extensive renovation
of the guestrooms and public areas was recently completed and the new owners
will reportedly spend a substantial amount on additional improvements.
The Hilton is one block from the Knoxville Convention Center.