The guest rooms and other public areas recently were upgraded ina $4-million renovation program; however property operator DavidsonHotel Co. will oversee an additional $6-million refurbishment underthe new ownership. The 12-story hotel, located at 9801 NaturalBridge Rd., includes 32 meeting rooms, a 11,400-sf Grand ConcourseBallroom, and the Renaissance and Penthouse ballrooms located onthe hotel's top floor.

Patrick Lupsha, executive vice president and COO with Davidson,tells GlobeSt.com that although the company serves as propertymanager, it is also a sliver equity partner taking anywhere from 1%to 10% interest in JV-acquired properties. Lupsha declined fromdisclosing the firm's interest in the St. Louis property, and couldnot reveal the acquisition price.

This marks the first transaction since Davidson announced plansto double in size by 2010. At the start of June, company execsprojected that the 2005 revenue of $280 million would elevate to$400 million in 2006 and more than $650 million by 2010. "We willuse several paths to achieve our growth goals, includingthird-party management contracts, acquisitions, development andcontinued strong internal growth from our current portfolio," saidJohn A. Belden, president and CEO, at the time of theannouncement.