News for the Hospitality Executive |
Davidson Hotel Company/RockBridge Partners Joint Venture
Acquires
Hyatt Regency Suites in Palm Springs, California
.
Davidson Will Manage Hotel and
Coordinate $18.5 Million Renovation
.
MEMPHIS, Tenn., June 11, 2008 � RockBridge Partners, an
affiliate of RockBridge Capital, LLC, and Davidson Hotel Company, one of
the nation�s largest hotel management companies, today announced the joint-venture
acquisition of the 194-room Hyatt Regency Suites in Palm Springs, Calif.
from PSH Holdings, Inc. for an undisclosed amount. Davidson holds
a minority interest in the partnership and took over management of the
property on June 1. The hotel will undergo a comprehensive $18.5
million renovation, scheduled to begin summer 2009, which Davidson will
coordinate.
. �The Palm Springs Hyatt is our 10th acquisition with RockBridge and our third acquisition this year,� said John A. Belden, Davidson�s president and chief executive officer. �We now have ownership interests in 16 properties, and we have the financial capacity to opportunistically co-invest with our partners. �Davidson was one of the first independent management companies to be designated by Hyatt as an �Approved Operator,� and we believe the Hyatt brand fits perfectly within our portfolio,� he added. �This is our second Hyatt-branded hotel, both of which are in resort locations. The Palm Springs Hyatt Regency Suites is also our fifth property in Southern California, a key growth area for Davidson.� Located at 285 North Palm Canyon Drive, the property is situated in what many regard as the ultimate desert resort destination in the U.S. The hotel�s 194 one-bedroom suites overlook a dramatic six-story atrium, and the hotel�s amenities include private balconies, spectacular mountain/desert views, high-speed Internet access, a full-service dining room, a putting green, pool, spa, 9,200 square feet of flexible meeting space and access to more than 40 nearby golf courses. In summer 2009, the property will begin an $18.5 million renovation that will touch virtually every aspect of the hotel. The lobby, atrium, restaurant, and lounge will be completely re-concepted and upgraded. The guest suites will be fully refurbished with luxury-quality finishes and materials, all new Hyatt-standard bed sets and 37� flat panel TVs in the bedroom of the suites and 42� flat panel TVs in the parlor. An all-new fitness center and full-service spa will be added. The meeting rooms will undergo a complete renovation, while the pool and outdoor lounge area will be completely re-developed to enhance the resort experience with cabanas, fire pits, and multiple lounging areas around a new pool. �We believe this property has significant growth potential, and with
the completion of its dramatic renovation, will be a formidable, four-star
competitor in this premier resort destination,� said Steve Margol, Davidson�s
executive vice president, business development.
About RockBridge Partners
About Davidson Hotel Company
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Contact:
Cyndi Norwood
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