Wayzata, Minnesota - May 24, 1999 - Milestone Investments,
Inc. and Regency Inns Management, Inc. have jointly acquired the 244-room
Clock Tower Resort and Conference Center in Rockford, Illinois. The
property was acquired from United Realty Corporation and Clock Tower Properties,
Inc. both controlled by the Atwood Family. Terms of the transaction
were not disclosed.
The
Hotel is located on I-90 just 60 miles from Chicago O'Hare International
Airport. The Clock Tower Resort and Conference Center is the largest
hotel and meeting facility in the Rockford MSA (population 350,000).
The Hotel is situated on 26 acres and includes 244 guestrooms, over 36,000
square feet of function space in over 27 meeting rooms and a 45,000 square
feet racquet club and fitness center. The Hotel has 3 pools, 3 whirlpools
and 9 tennis courts. The property will receive a $1,000,000 renovation.
The Clock Tower Resort & Conference
Center
by the numbers:
-
50,000 square foot Fitness Center
-
30,000 square feet of Conference & Banquet Space
-
360 Employees
-
252 Guest Rooms
-
180-Seat Theatre
-
27 Acres of Grounds
-
23 Meeting Rooms
-
20 Suites
-
9 Tennis Courts (7 indoor plus 2 outdoor)
-
5 Shops
-
4 Restaurants and Lounges
-
3 Swimming Pools (1 indoor and 2 outdoor)
-
2 Limousines
-
2 Racquetball Courts
-
2 Volleyball and Basketball Courts
-
1 Full-Service Salon
-
1 Dinner Theatre
-
1 Museum
-
1 Playground
-
1 Video Arcade
|
Over the past twelve years, Milestone and Regency together have purchased
twenty-six hotel properties with a value of over $200 million from institutions
such as Bank of New York, Equitable Real Estate, Prudential Insurance Company,
New World Bank, First Bank Systems and Radisson Hotels. |