|December 23, 2003 - Prospera Companies of Dallas, TX, announced today
that it completed the acquisition of the former Ramada Inn Hotel, Greenville,
Texas from Zions National Bank, Utah.
The 138-room hotel is located at 1215 East I 30 and was built in 1975. Following the purchase the hotel is slated for a $1 million renovation, including a complete makeover of all guest rooms, exterior and lobby. The current restaurant space will be converted to banquet/meeting space. The property will be converted to a Days Inn Franchise.
“The purchase is a reflection of Prospera’s interest in acquiring distressed and mismanaged lodging properties in secondary and tertiary markets. We look for value opportunities in under performing hotels in good markets,” said Jay Rajpal, president of Prospera Companies.
The Ramada is Prospera’s second acquisition in the past 6 months. “We are primed and ready to do at least 6 more transactions in the next 12 months,” said David Goran, vice president of Prospera.
“The Ramada appeals to a broad cross section of guests including Government, corporate and leisure travelers” said David Goran. “The upgrades to the hotel will put it in peak physical condition, making it highly competitive to the other properties in the surrounding area, especially with the amount of meeting space we have”
3000 Carlisle Street, Ste 106
Dallas, Tx 75204
|Also See:||Safety & Security Issues Surrounding MOD Programs / Aug 2002|
|Crisis Management: Could You Cope if the Unthinkable Happened / HOTEL Asia Pacific / June 2003|