|
.
Crescent Hotels & Resorts To Operate Holiday Inn Conversion in Sparks, Nevada on Behalf of the Navnish Group . Quality Inn to Undergo $6 Million Renovation to Convert to Holiday Inn Brand
SPARKS, NV./WASHINGTON, D.C., June 14, 2007�Crescent Hotels & Resorts, a rapidly growing hotel and resort management and ownership company, today announced that it has signed a letter of agreement to manage the 220-room, full-service Quality Inn in Sparks, Nevada, next to Reno, on behalf of an affiliate of the Navnish Group, a developer and owner of full-service and select-service hotels throughout the United States. The hotel will be converted to a Holiday Inn following completion of a $6 million renovation, which will commence in the near future. The process will occur in phases to minimize guest disruption and is expected to be completed in early 2008. �This is our first management assignment in northern Nevada, and we continue to have an aggressive appetite for other full-service and premium-branded, focused-service hotels in the western half of the nation,� said Michael George, Crescent president and CEO. �We seek to acquire properties outright, in joint ventures or as third-party management assignments.� �Reno is an important destination market, but remains underserved in the full-service market,� said Pamela Suhr, Crescent chief operating officer. �Once the hotel completes its major renovation and re-flagging, we believe it quickly will establish itself as a market leader in its segment. The property is well located and in great structural condition. This renovation will vastly change the hotel�s quality and ambiance.� �We are pleased to expand our portfolio and enter the growing Reno-Sparks market,� said Vamsi Bonthala, Navnish Group principal. �We look forward to completing the renovation and serving our guests with a high quality product. This is our fourth acquisition in the western United States and Navnish continues to seek acquisition opportunities in this exciting part of the country.� The conversion will include a complete renovation of all guest rooms and public space to adhere to Holiday Inn brand standards. Additionally, the ballroom will receive a substantial upgrade, and the exterior �curb appeal� will be significantly enhanced. Located at 55 East Nugget Avenue, Sparks, NV, the nine-story hotel is strategically located on Interstate 80 and is in close proximity to various Reno-Lake Tahoe-Sparks attractions and services, such as the Nugget and Silver Club Casinos, the under-construction Legends at Sparks Marina development, the Grand Sierra Resort development (which will include a large indoor waterpark), Reno-Tahoe International Airport, the Reno-Sparks Convention Center, the University of Nevada-Reno, area hospitals, area businesses and other places of interest. The renovated property will include 8,000 square feet of meeting space, outdoor swimming pool, whirlpool, game room and 24-hour, complimentary shuttle service to and from the airport and within a five-mile radius of the hotel. Guest room amenities will include high speed and wireless Internet access, oversized work desk with multiple outlets, and two-line telephones with voice mail. About Crescent Hotels & Resorts
About the Navnish Group
|
Jerry Daly
|
.
Also See: | MK Capital Markets Secures Financing for Two Park City Hotels on Behalf of Navnish Development, LLC / September 2006 |
|