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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.”

Interstate has a history of minority interests in the hotels it manages, and this is the 49th such deal for the company and the first with Madison, said Thomas Hewitt, Interstate’s CEO, in the statement. “We know this property well and believe it has considerable long-term potential, given its excellent Downtown location and proximity to the convention center,” he said.

The hotel has amenities such as a pool, fitness center, restaurant and lounge, and 14,000 sf of meeting space with a ballroom that accommodates up to 1,000 people. The property is connected via skywalks to the Lexington Convention Center and Rupp Arena, as well as the Victorian Square shops.

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