The partnership constructed the hotel, which opened in 2000, says John Rutledge, CEO of Oxford Capital. The hotel is undergoing a conversion into a Hyatt Summerfield Suites. "We had signed a franchise agreement with Hyatt Summerfield Suites and were 90% complete with the conversion of the hotel from a Hawthorne Suites when we received an attractive unsolicited offer to sell the property," Mulvihill says.
JHM Hotels reportedly received a $12.5-million loan from Wells Fargo Bank NA to finance the acquisition. The name change for the hotel is expected to occur in the next 60 days, Rutledge says.
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