Chicago, IL, March 7, 2010 – an
investment group spearheaded by Lodging
Capital Partners, LLC announce the purchase of the Hilton Rye Town, a
447-room
upscale hotel in Westchester County, New York. The hotel, which
will continue to be operated by
Hilton Worldwide, will undergo a major transformation of its lobby,
restaurant,
fitness center and other public areas beginning later this year.
“We are pleased to add this unique asset
to our portfolio, in addition to expanding our growing relationship
with
Hilton,” said Steve Kisielica of
Lodging Capital Partners, LLC, who recently purchased the hotel.
“We are looking forward to capitalizing on
the property’s excellent location and park-like setting situated on
almost 36
acres in the New York MSA,” added Kisielica.
About Lodging Capital
Partners
Lodging
Capital Partners, LLC was formed in 2005 and has become a premier owner
and Asset manager of upper-upscale and luxury hotels. The company’s
investment strategy is to target hotels in resort and urban
markets larger than 150 rooms with strong growth or unique
repositioning
opportunities. Since formation, LCP has invested in a
portfolio with a valuation of over $1.3 billion. Asset purchases
include: the
Fairmont Orchid in Mauna Lani, the Drake Hotel in Chicago, the Four
Seasons
Austin, the Hotel Jerome Aspen, the Le Meridien Chicago and the Snake
River
Lodge & Spa in Jackson Hole, among others. Members of LCP
have
combined 100 years of experience in hotel valuation, acquisitions,
financing,
asset management and dispositions. The team has purchased over $5.0
billion of
properties, implemented over $7 billion of financings, raised over $2.5
billion
of public and private equity and sold $1 billion worth of assets, all
of which
related to full-service hotels and resorts.