GoldenTree, Aimbridge and JF Capital Form Partnership
AUGUST 21, 2006 - GoldenTree InSite Partners, Aimbridge Hospitality and JF Capital Advisors announced today that they have formed a partnership to acquire, renovate and manage two Doubletree(R) hotels located in the Denver and Dallas areas. Financial details of the transaction were not disclosed.
The two properties are the 300-room Doubletree Hotel Dallas-Campbell Centre in Dallas, Texas and the 248-room Doubletree Hotel Denver-Southeast in Aurora, Colorado. Under terms of the agreement, Aimbridge Hospitality will operate and manage the hotels on behalf of the partnership, under a franchise agreement with Doubletree Hotel Systems, Inc., a wholly owned subsidiary of Hilton Hotels Corporation.
"We are thrilled to partner with Aimbridge Hospitality and JF Capital," said Tom Shapiro, President of GoldenTree InSite Partners.
"Our partnership plans to invest over $9 million to modernize the properties and dramatically improve the guest experience. The renovations will include upgrading the guest rooms, public areas and amenities at each hotel," added Josh Pristaw, a Managing Director at GoldenTree InSite Partners.
According to Dave Johnson, President & CEO of Aimbridge Hospitality, the hotels will undergo more than just physical upgrades. "We are planning to implement a series of operational changes that will enhance the customer experience as well as improve the hotels' financial performance."
"Both the Dallas and Denver markets have been performing extremely well of late -- each has experienced double digit growth in revenue per available room (RevPAR) in recent years," he added.
"We are pleased that GoldenTree InSite, Aimbridge and JF Capital have chosen to expand their hotel portfolios with the Doubletree brand by investing in, and substantially upgrading, two great Doubletree hotel products," said Dave Horton, Senior Vice President -- Brand Management for Doubletree Hotels. "Both hotels are centrally located in their respective markets to cater to leisure and corporate travelers alike and offer such popular amenities and services as our luxurious Sweet Dreams(R) by Doubletree Sleep Experience, complimentary high speed Internet access in guestrooms and fully equipped fitness centers."
Commenting further on the attractive location of both hotels, Jonathan Falik, the CEO of JF Capital Advisors remarked that: "The Doubletree Dallas- Campbell Centre is located in the vibrant North Dallas business district just off of US-75 which provides easy access to dozens of regional and national corporations, downtown Dallas, the Richardson Telecom Corridor and the renowned North Park Mall."
"The Doubletree Hotel Denver-Southeast is located along the I-225 corridor in an area currently undergoing a major revitalization due to the nearby $3 billion Fitzsimmons Medical Center project. The local economy has rebounded strongly from the tech slump in recent years," he added.
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