WexTrust had owned the Park View, a 200-room boutique hotel inChicago's Lincoln Park neighborhood. After their experience withthe Park View, WexTrust decided to enter the hotel market with theAxela subsidiary, Coppoolse says. "That was their only hotel andthey decided that they liked that particular market," he says.Coppoolse and WexTrust CEO Steve Byers have known each other formore than 12 years and decided to team up to form the subsidiary,Coppoolse says.

Axela is currently under contract to buy the 160-room WyndhamDrake, at 2301 York Rd., Oak Brook. "The Drake has a real emotionaltie with a lot of the residents of that area," Coppoolse says. Thecontract price was not disclosed. The subsidiary expects to closeon the property in the middle of December. "It is a bit early tocomment on because we have not closed on the hotel, but we see adefinite position in the market for a luxury boutique hotel,"Coppoolse tells GlobeSt.com. Axela plans for "a completerefurbishment of the existing hotel," an addition of 20 rooms, moremeeting space and a restaurant.

The 250-room Crowne Plaza Hotel in Phoenix, which was recentlyacquired by WexTrust for $24 million, will also be part of Axela'sportfolio. "We would like to grow pretty rapidly," Coppoolse says."For 2008, we see ourselves adding maybe about eight properties."The subsidiary will also manage the hotels in EMCO's portfolio,which includes the 210-room Resort at Glade Springs in WestVirginia and the 100-room Netherlands Inn and Spa in Lancaster, PA.Additionally, Axela has plans to develop select service hotels "instrong major urban and suburban areas," such as Phoenix, Chicagoand the Nashville area, Coppoolse says. "We are actively looking inWashington, DC and we hope that we may be able to announcesomething in 2008," he tells GlobeSt.com.