Lowe Buys Two East Coast Hotels In $170M Plan

LEIM plans to rename the properties Hamilton Park Hotel and Conference Center and the Tarrytown House Estate and Conference Center, with both to be managed as independent properties by Destination Hotels and Resorts, a LEIM affiliate, according to Bleecker P. Seaman, managing director of LEIM.

The 219-room Hamilton Park was built in 1989 and has recently undergone $5.8 million in renovations, including all guest rooms and public corridors, as well as the addition of high-speed Internet access throughout the property. The 209-room Tarrytown House was originally built in 1840 and developed in phases over the years. Tarrytown House, set on 26 acres, is the former estate of Mary Duke Biddle, heiress to the founder of Duke University. Two of the estate's original buildings, dating back to the 1800s, are still used today as part of the hotel. A $15 million renovation of the property that was completed in 2001 included a new guest room wing, a guest registration area, additional parking and an overall reconfiguration of the property layout.Bernard Siegel, EVP of hotel investments for Lowe, says the new owner plans to renovate both properties further with meeting room enhancements at the Hamilton Park hotel and renovations of all guest rooms and meeting space at Tarrytown House.

The two new LEIM assets both feature 30,000 sf of meeting space and a number of other amenities including fitness centers, indoor and outdoor pools, whirlpools, racquetball, tennis, basketball and volleyball courts.Los Angeles-based Lowe Enterprises is a real estate investment, development and management firm that has developed, acquired and managed more than $6 billion of real estate assets nationwide in the past 32 years. Through LEIM, its investment advisory affiliate, the firm manages in excess of $1.9 billion in real estate assets on behalf of institutional investors. Destination Hotels & Resorts is a wholly owned subsidiary of Lowe that is based in Englewood, CO.