Richfield to Manage Radisson on John Deere Commons
MOLINE, IL, September 18, 2008. Aik Hong Tan, President and CEO of Richfield Hospitality, today announced that the company has added the Radisson on John Deere Commons to its management portfolio. The management contract follows Richfield's initiative to acquire hotel real estate on behalf of its investment partners. The Radisson is located on John Deere Commons in Moline, Illinois.
Richfield Hospitality identified the property through its market relationships and completed the transaction together with one of the company's long-standing investment relationships. After managing the underwriting process, Richfield, on behalf of the investment entity, successfully finalized the acquisition of the property on August 21, 2008.
"Given our relationship with the investment partnership we clearly understood the buying group's investment criteria and overall real estate objectives. As such, we were successful in matching the opportunity to those objectives," stated Tan.
The 101,000 square-foot hotel features 162 guestrooms, 60,000 square feet of meeting and exhibit space, an onsite TGI Friday's restaurant and a fitness center with an indoor pool. The property is ideally located along the Mississippi River and is surrounded by shops, restaurants and the John Deere Pavilion and Collectors Center.
"Our relationships in the hospitality industry have yielded a series of strategic acquisitions on behalf of our investment partners. The fundamentals of the Radisson Moline are outstanding and we are very pleased to be able to add this asset to our managed portfolio," commented Tan.
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