JER Partners Acquires Marriott Charlotte Executive Park Hotel
MCLEAN, VA, October 13, 2005. JER Partners, the private equity investment arm of the J.E. Robert Companies, has acquired the Marriott Charlotte Executive Park Hotel in Charlotte, North Carolina for $21.2 million. The Marriott Charlotte Executive Park Hotel is a 297-room full-service hotel located in the southwest submarket of Charlotte, North Carolina.
The hotel features over 15,000 square feet of meeting/ballroom space, an indoor/outdoor swimming pool, an exercise center, a full-service restaurant and bar, a gift shop, a business center and internet connection in all guestrooms. The hotel enjoys excellent visibility and access from Interstate 77, the primary north/south corridor providing direct access to downtown Charlotte.
JER's plans for the hotel include an additional capital investment to complete a comprehensive renovation of the hotel's guestrooms, guestroom corridors, restaurant, meeting space, and lobby.
"Charlotte continues to be a leading center of economic growth in the Southeast," said Cia Buckley, Senior Managing Director of North American Fund Investment Management at JER. "JER believes that the economic diversification, pro-business environment, low cost of living and good quality of life in Charlotte will positively contribute to the success of our investment."
The hotel will be managed by Sage Hospitality Resources of Denver, Colorado. Sage Hospitality Resources is one of the nation's leading hotel management companies, specializing in management of full-service and limited service hotels nationwide. Since 1984, Sage has managed over 300 properties in 39 states and the District of Columbia.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
