changed its name

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Chartres Lodging Group principal Bruce Blum tells GlobeSt.comthe portfolio was put under contract in the summer and would haveclosed sooner had it not been for the "capital marketsdislocation," which he says caused numerous transactions to bedelayed or not close at all. The sale price was not disclosed bythe parties involved, but one industry expert tells GlobeSt.com theportfolio likely traded for around $500 million, or $100,000 perkey. The sale closed yesterday.

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"We addressed the owners' need to sell all the properties atonce," Blum tells GlobeSt.com. "We're confident we got a discountto market value."

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The largest asset in the portfolio is the 1,840-room, 38-floorAdams Mark in Dallas. Built in 1958 and renovated last year, theproperty includes 230,000 sf of meeting space. The property sits at555 S. McDowell St., on the city's light rail line and across thestreet from John Carpenter Plaza Park. The new ownership plans tospend $87 million to renovate and reposition the property as theSheraton Dallas Hotel. Sheraton already has assumed management ofthe hotel. The rebranding is scheduled for spring 2008.

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The next largest property is the 1,225-room, 22-floor Adams Markin Denver that has 133,000 sf of meeting space. The property islocated in Downtown Denver, one block off Civic Center Park. It wasbuilt in 1961 and last renovated in 1997. The new ownership plansto spend $70-million to renovate and reposition the hotel as theSheraton Denver Hotel. Like the Dallas property, Sheraton alreadyhas assumed management of the hotel and the rebranding is scheduledfor spring 2008.

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The property for which renovation plans have already beenrevealed is the 910-room, 18-floor Adams Mark in St. Louis, whichwas built in 1984 and renovated in 2005. The new ownership plans toinvest $63 million t0 renovate and reposition the property as theHyatt Regency St. Louis Riverfront. Hyatt assumes management of theproperty now. The rebranding is scheduled for spring 2008.

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The other two assets in the transaction are the 481-room AdamsMark hotel in Buffalo, built in 1980; and the 332-room Adams Markin Indianapolis, which was built in 2000. The Buffalo property willundergo an $18-milion renovation. Both properties are now beingoperated by Kokua Hospitality, an independent management affiliateof Chartres Lodging.

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Prior to the Adams mark acquisition, Chartres had assetmanagement responsibilities for a 14,000-room portfolio of luxuryhotels, resorts and conference centers throughout the US and Japan.Oxford's principals and employees are direct investors in 65% ofthe portfolio. Past investment partners have included DubaiInvestment Group and Perry Capital.

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When GlobeSt.com reported on the pending transaction inOctober , a source with HBE told GlobeSt.com the company wasselling the hotels as part of a plans to streamline the company'soperations and focus on its core design-build business. The salecompleted the company's divestiture of its hotel assets.

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