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.”

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