"We continue to take advantage of the strong capital markets to reposition our portfolio," says chairman/CEO Robert W. Boykin, whose company owns interests in 25 hotels aggregating more than 7,400 rooms. "Within the past month, we have closed on the sale of three non-core assets for net proceeds of about $52 million. We are focusing on redeploying this capital to acquire properties that we believe have greater growth potential."
"This acquisition provides us with another opportunity to renovate and reposition a hotel within a growing market," says James L. Francis, president/CEO of the McLean, VA-based Highland. His company owns 15 hotels totaling almost 4,500 rooms in eight states.
"We intend to invest significant capital to reposition this asset as an upscale, full-service branded hotel," Francis continues. "We plan to invest an additional $7 million to upgrade the guest rooms, meeting space, restaurant, lounge and other common areas." Highland has also signed a long-term agreement with Sage Hospitality Resources to manage the property, which is located in metro Philadelphia, about 10 miles east of that city's Downtown.
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