Oak Brook, Immediately Converts to Doubletree -
Plans $15 million Renovation
|OAK BROOK, Illinois / BOSTON, Mass., February 11, 2005 — The Hyatt
Regency Oak Brook was acquired today by Boston-based Pyramid Hotel Opportunity
Ventures LLC for an undisclosed amount. The 423-room hotel immediately
was converted to the Doubletree hotel brand and opened today as the Doubletree
Hotel, Chicago-Oak Brook. Hotel employees provided complimentary,
freshly baked chocolate chip cookies, the brand’s “signature” item, to
guests in celebration of the occasion.
Dina noted that the transition will be transparent to both guests and associates as nearly all of the employees will remain with the hotel, with no further anticipated changes. “Guests will see the same friendly associates at the hotel, some of whom have been there for more than three decades. We have a great team in Oak Brook, and it remains essentially in tact.”
Located at 1909 Spring Road, Oak Brook, Ill., 18 miles west of Chicago, the hotel is situated on 25 lushly landscaped acres, featuring ponds and rock gardens. The property’s 30,000 square feet of meeting space includes 16 conference rooms, three boardrooms, two ballrooms and a state-of-the-art Executive Training Center. The hotel has an indoor heated swimming pool and whirlpool and a 4,000-square-foot fitness center.
“This is our second property in the Chicago area, and we look forward
to becoming an integral part of the Oak Brook community and establishing
a larger partnership relationship with the Chicago community,” said Warren
Fields, Pyramid Advisors partner and chief investment officer. “We
plan to continue to grow our presence in the Chicago area and will seek
other similar full-service, high-quality properties here.”
Fields noted that Doubletree is a well-known brand both nationally and in the Chicago area. “As a member of the Hilton family of brands, Doubletree guests will enjoy all the benefits of the popular HiltonHonors guest frequency program. Our long-term goal is to combine the familiar hallmarks of the Doubletree brand with great associates, unparalleled levels of service and significant property renovations to establish a market leadership position.”
Pyramid Advisors LLC, founded in 1999, is a full-service hotel company that owns, manages and asset manages hotels and manages hotel construction / renovation projects. Pyramid Advisors currently has a portfolio of more than 30 hotels under management and asset management throughout the U.S.
Pyramid Advisors LLC
|Also See:||Pyramid Advisors LLC and Morgan Stanley Partnership Reflags Adam's Mark Houston as Houston Marriott Westchase / June 2004|
|Highland Hospitality Corp Reflagging the 360 room Wyndham Wind Watch Hotel in Hauppauge, NY to Hyatt / August 2004|