LEXINGTON, KY-New York City-based Madison W Properties LLC has bought out Blackstone’s interest in the former Radisson Plaza Hotel Lexington here. The Arlington, VA-based Interstate Hotels & Resorts and locally-based Webb Cos. have minority shares in the 367-room hotel, with the former managing the hotel and the latter managing the adjacent 234,000-sf office building. After a $13 million renovation, the hotel will be renamed the Lexington Downtown Hotel and Conference Center. Madison is an affiliate of Madison Capital Management LLC.

The 15-story property, which is at 369 W. Vine St., will operate site as an independent until the Hilton branding is complete. The property had been owned by a joint venture of Blackstone and Webb, which developed the hotel about 20 years ago. Interstate also came on when Madison recently bought into the site.

“We think there’s a huge opportunity to re-flag to a Hilton, it’s a nice, stable asset,” Peter Lewis, president of Madison, tells GlobeSt.com. “Now, we have the 2010 Equestrian Games coming up here, and the Ryder Cup, there’s a huge opportunity to gain business.”He says the office property is 75% leased, though “the rest of the market is 90% leased, we see this as a way to increase occupancy as well.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.