Davidson Acquired by Senior Management Team, Led by John A. Belden
MEMPHIS, TN, May 10, 2006. Davidson Hotel Company, one of the nation's largest full-service, independent hotel operators, announced today that its senior management team and Bridgepoint Hospitality, have acquired the company from its former owner, Chick Hill, for an undisclosed amount. The company owns and/or manages 25 upscale hotels with more than 7,500 rooms and 3,900 employees across the country.
Key partners and officers in the new organization are John A. Belden, president and CEO; Patrick F. Lupsha, chief operating officer; and Steven A. Margol, executive vice president-business development. Bridgepoint Hospitality, an investment vehicle formed specifically for hospitality management companies, is Davidson's key institutional capital partner. Bridgepoint's largest investors include Nationwide and New York Life, as well as high net worth individual investors.
"As an owner/operator, Davidson has built an exceptional legacy over the last three decades, and is now the 12th largest independent hotel management company in the industry," Belden said. "All of the senior management team will remain with the company, so the ownership change will be largely transparent to our hotel owners and guests.
"We have strong relationships with a number of major institutional investors who seek to expand their portfolios and will work closely with them to identify acquisition opportunities in the upper three-star and four-star segments," he added. "Because we also own hotels, we have a greater appreciation for what owners, especially institutional owners, want and need."
Belden noted that Davidson has a nationwide presence and operates a wide variety of upscale brands, primarily under the upscale Hilton, Embassy Suites, Doubletree, Marriott, Renaissance, Westin and Sheraton flags. The company and its institutional partners completed more than $500 million in transactions in 2005. "We have the organization, systems and people to take on a significant number of new properties and currently are evaluating our future growth strategies and will announce our expansion plans in the near future."
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