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News for the Hospitality Executive |
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Axela Hospitality Acquires The Drake Oak Brook � A Wyndham
Hotel in
Oak Brook, Illinois; Plans to Renovate, Expand and Reposition
the Property
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| BETHESDA, Md. � January 21, 2008 � Axela Hospitality, a
subsidiary of Chicago-based WexTrust Capital, a globally diversified private
equity and specialty finance company, announced today that it has acquired
The Drake Oak Brook � A Wyndham Hotel located at 2301 York Road in Oak
Brook, Ill. WexTrust Capital acquired the property from R.P. Fox
& Associates. Terms of the transaction were not disclosed.
�We are extremely pleased to have completed the acquisition of this landmark hotel, as we fully value the energy and growth of this dynamic community bordering the Loop. We plan to create an exciting and vibrant destination for locals and travelers alike. The close proximity to Chicago combined with the long-standing tradition of The Drake Oak Brook make this a great opportunity for growth,� said Elmer Coppoolse, CEO of Axela Hospitality. �We plan to renovate, expand and reposition the property to cater to the upscale corporate and leisure travel markets. There is currently no luxury boutique hotel west of Chicago and we plan to fill that void.� Located just 15 miles west of Chicago�s Loop and a few minutes from Oak Brook Center, a premier Midwest shopping destination known for its mix of upscale retail, restaurants and outdoor ambiance, the Drake Oak Brook is also in close proximity to several corporate headquarters. The hotel is also equidistant to Chicago�s O�Hare International and Midway airports, which are approximately 15-20 miles from the hotel. Situated on 9.3 acres of land with mature trees, the hotel currently boasts 160 rooms, 11,000 square feet of indoor meeting space, and 14,000 square feet of flexible outdoor meeting space. Guest rooms are equipped with 32 inch LCD televisions, upgraded granite vanities with shower massagers in the bathrooms, coffee makers, hair dryers, microwaves, mini-refrigerators, irons and ironing boards, two-line phones and high speed Internet. Other amenities include indoor and outdoor swimming pools, a Jacuzzi and whirlpool, an exercise facility, tennis courts, and a walking trail that spans three quarters of a mile around the property which leads to the Oak Brook Golf Course. �The Drake Oak Brook has long held a premier position among Chicago area hotels and we are committed to reviving the luster of this fine property,� said Steve Byers, CEO of WexTrust Capital and also a resident of Oak Brook. Moving forward the hotel will be managed by Wyndham Hotel Management Company and will be added to the Wyndham Grand Collection, an ensemble of elegant, one-of-a-kind hotels within the Wyndham Hotels and Resorts brand aimed at guests looking for unique experiences in distinctive destinations around the world. �We are very excited to have Axela Hospitality join the world-class hotels in our upscale management portfolio,� said Peter Strebel, Wyndham Hotels and Resorts president. �The Wyndham Drake Oak Brook is well-positioned to benefit greatly from the extensive breadth of knowledge and services of our veteran team.� For more information on The Drake Oak Brook � A Wyndham Hotel or to make a reservation, please visit http://www.wyndhamdrake.com or call: 1-877-999-3223. Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN), offers upscale hotel and resort accommodations throughout the United States, Canada, Mexico and the Caribbean. All hotels are either franchised or managed by Wyndham Hotels and Resorts or an affiliate. About Axela Hospitality Axela Hospitality, LLC is a subsidiary of WexTrust Capital, LLC. Headquartered in Bethesda, Md., Axela Hospitality specializes in the development and management of high quality lodging assets. WexTrust Capital is a globally diversified private equity and specialty finance company with a proven track record for protecting its clients� assets and delivering a superior return-on-investment through its diverse portfolio of principal investments. WexTrust Capital specializes in unique investment opportunities ranging from real estate to specialty finance and investment banking. Headquartered in Chicago, the company also maintains offices in New York, Norfolk, Va., Atlanta, Boca Raton, Fla., Nashville, Tenn., Tel Aviv, Israel, and Johannesburg, South Africa. More information can be found at www.wextrust.com. |
| Contact:
Sara DeNio
WexTrust Capital, LLC.
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| Also See: | WexTrust Capital, LLC Expanding into Hotels, Forms Axela Hospitality, LLC Headed by Elmer Coppoolse / November 2007 |
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