and the 253-suite Doubletree Guest Suites in suburban Philadelphia
from Thayer Lodging Group
WASHINGTON, D.C., May 16, 2007—Crescent Hotels & Resorts, a rapidly growing hotel and resort management and ownership company, today announced that it has surpassed the $200 million acquisition mark with the purchase of the 224-suite Embassy Suites Richmond in Virginia and the 253-suite Doubletree Guest Suites Plymouth Meeting in suburban Philadelphia from Thayer Lodging Group for an undisclosed amount. Combined, the two hotels will undergo $6 million in renovations. Crescent will operate both hotels, as well as oversee the renovation programs.
“We remain on target to acquire up to $1 billion in hotel assets through direct investment or joint-venture arrangements with affiliated and unaffiliated partners over the next 18 months,” said Michael George, Crescent president and CEO. “The properties are a perfect fit with our portfolio profile of upper, upscale hotels and hotels in the 200- to 500-room range, located in primary and secondary U.S. markets, as well as resorts. These two hotels will benefit from our renovation program, as well as very focused management.”
Located at 2925 Emerywood Parkway in Richmond, the eight-story Embassy
Suites underwent a major renovation in 2006. “The property is in
excellent physical condition,” George noted. “Our additional $2.5
million investment will complete the finishing touches that will put the
hotel in like-new condition and make it highly competitive in this market.
“Cosmetic upgrades will enhance the ‘curb appeal’ of the hotel. Public spaces will be upgraded, including relocating the business center and installing state-of-the-art exercise equipment. Guests rooms will be totally refreshed with new soft and case goods.”
The Embassy Suites Richmond is centrally situated near the intersection of Broad Street and I-64 in the scenic west end of the historic capital city. The hotel is minutes from downtown Richmond and the city’s central business area, the 800-acre Innsbrook Corporate Center, Short Pump Towne Center and the University of Richmond.
The International Association of Conference Centers (IACC)-accredited hotel features 13,000 square feet of meeting space. “This property is without peer in the Richmond market for small and mid-sized groups,” George said. The eight-story tropical atrium also offers an indoor swimming pool, sauna, whirlpool, laundry service and complimentary, cooked-to-order breakfast. The hotel’s Atrium Grill provides informal dining for up to 60 people. The two-room suites, complete with spacious living room parlor and separate bedroom, are equipped with a fully stocked kitchenette, wet bar, full-sized refrigerator, high-speed Internet access and a Jacuzzi.
The seven-story Doubletree Guest Suites Plymouth Meeting is located at 640 W. Germantown Pike in Pennsylvania, less than one-quarter mile from the Pennsylvania Turnpike in a scenic, wooded setting. The hotel is just minutes from the King of Prussia Mall, the largest in the region; downtown Philadelphia; Valley Forge National Park; and Villanova University.
The hotel immediately will undergo an approximate $3.5 million renovation program. Highlights will include a complete renovation of the indoor pool/whirlpool area, adding new gym equipment and the installation of 32” flat panel televisions and the “Sweet Dreams” Doubletree bedding package.
Hotel amenities include more than 8,000 square feet of meeting space, atrium lounge, indoor swimming pool, Jacuzzi, fitness center, 24-hour business center and the Brandywine Hunt Club and Grille. The two-room suites are equipped with wet bar, refrigerator, microwave oven, two dual line speaker phones with voice mail and complimentary high-speed Internet access.
“This hotel is in a great location with multiple demand generators,” George said. “The property has been well-maintained, and this renovation will bring it up to peak physical condition.”
About Crescent Hotels & Resorts
Crescent Hotel & Resorts
|Also See:||Crescent Hotels & Resorts Acquires the Sheraton Milwaukee Brookfield and Adds Two third-party Management Contracts / January 2007|
|Allied Capital and The LCP Group Become Shareholders in Crescent Hotels & Resorts, Will Create Fund to Acquire up to $1 Billion in Hotels; Acquires Detroit Marriott Livonia in First Transaction / September 2006|